In Crowd of more than 300, 105 Leading Asset Owners Celebrate Nominees during CIO Innovation Awards

Celebration of an extraordinary year draws large, vibrant group of CIOs and leading investors.

Crowds of investors and CIOs jumped to their feet to applaud Lifetime Achievement Award winner Mansco Perry III, executive director and CIO of the Minnesota State Board of Investment, with two standing ovations on Thursday evening during CIO’s Innovation Awards gala at the glittery NYC Public Library.  TJ Carlson, CIO of the Texas Municipal Retirement System and longtime friend of Perry, spoke about his fruitful career. The State of Minnesota announced that due to his many accomplishments, Dec. 13 is now Mansco Perry III Day in the state.

Former NYC Pensions CIO Scott Evans, winner of the 2017 CIO of the Year award, knighted Chris Ailman of CalSTRS as 2018’s CIO of the Year before a crowd of more than 300, with 105 asset owners.

After a seven-member hotseat panel at CIO’s Influential Investors Forum at the Harvard Club moderated by David Holmgren, CIO of Hartford HealthCare, the audience was polled, and Chad Myhre, portfolio manager atMissouri Teachers Retirement System, was voted the NextGen of the Year by CIOs and managers in attendance. Former Innovation Award winners Holmgren and Intermountain Healthcare CIO Jacque Millard presented the 2018 Healthcare award to Anthony Waskiewicz of Mercy Health, St. Louis.

Other winners are as follows:

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Collaboration

David Holmgren (Hartford HealthCare)


Corporate Defined Benefit Pension Plan Above $15 Billion

Harshal Chaudhari (IBM)


Corporate Defined Benefit Pension Plan Below $15 Billion

Susan Ridlen (Eli Lilly)


Defined Contribution Plan

Bob Hunkeler (International Paper)


Endowment

Anne Dinneen (Hamilton College)


ESG

Dan Chu / Michael Brune (Sierra Club)


Foundation

Rosalind Hewsenian (Helmsley Charitable Trust)


Healthcare Organization

Anthony Waskiewicz (Mercy Health, St. Louis)


Public Defined Benefit Plan Below $15 Billion

Sam Masoudi (Wyoming Retirement System)


Public Defined Benefit Plan Between $15 Billion and $100 Billion
Jonathan Grabel (LACERA)


Public Defined Benefit Plan Above $100 Billion

Chris Ailman (CalSTRS)


Sovereign Wealth Fund

Paul Ballard (Texas Treasury Safekeeping Trust Co.)


Consulting

Allan Martin (NEPC)


Asset Management/Servicing Winners:


Fixed Income/Credit

DoubleLine


Equities

JP Morgan Asset Management


Multi-Asset

PineBridge Investments


Private Equity

Warburg Pincus


Hedge Funds

Citadel


Real Assets

Aberdeen Standard


Defined Contribution Strategies

Northern Trust


OCIO

Goldman Sachs Asset Management


Corporate Strategies

Capital Group


Transition Management

Pavilion


Data & Technology

Backstop Solutions


ESG

Invesco


Emerging Markets

PGIM

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US Corporate Pensions’ Funded Status Edges Higher in November

Volatility in equity markets continues to concern plan sponsors.

The estimated aggregate funding level of US corporate pension plans edged higher in November, according to data from consulting firms Mercer and Legal & General Investment Management America (LGIMA).

Rising US equity markets helped raise the funded status of pensions sponsored by S&P 1500 companies 1% in November to 91%, according to Mercer. The firm said the estimated aggregate deficit decreased to $197 billion from $208 billion at the end of October.

“We saw a slight increase in pension funded status thanks to a rise in equity markets at the end of November,” Matt McDaniel, a partner in Mercer’s US Wealth business, said in a release. “We continue to see volatility in equity markets which is a concern for plan sponsors. Many plan sponsors with glide paths in place were able to lock in gains earlier this year while others may be in a tough position as market volatility has continued.”

The S&P 500 index increased 1.79%, while the MSCI EAFE index decreased 0.31% in November, and typical discount rates for pension plans as measured by the Mercer Yield Curve decreased by one basis point to 4.42% during the month.

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Mercer provides estimates for the aggregate funded status position of plans sponsored by S&P 1500 companies on a monthly basis. The estimates are based on each company’s latest available year-end statement, and by projections to Nov. 30 in line with financial indices. The estimates include US domestic qualified and non-qualified plans, along with all non-domestic plans.

At the end of November, the estimated aggregate value of the pension plans’ assets was $1.88 trillion, compared with estimated aggregate liabilities of $2.08 trillion, which incorporates changes in financial markets through Nov. 30, changes to the S&P 1500 constituents, and newly released financial disclosures. This is compared to estimated aggregate assets of $1.87 trillion and estimated aggregate liabilities of $2.08 trillion as of Oct. 31.

Meanwhile, LGIMA reported that the average corporate pension plan’s funding ratio rose 0.7% to 90.3% during November, which it attributed to widening credit spreads and positive equity returns that were somewhat offset by a drop in Treasury rates. 

“The positive price action was led by consumer confidence remaining at a higher level, largely positive economic data, new trade agreements with South Korea, Canada, and Mexico, and Fed Chair Powell stating that rates are ‘just below’ the neutral level, implying that rate hikes may slow,” said LGIMA in its monthly pension monitor report.

However, the report cited “significant volatility” in November, which it said was spurred by uncertainty surrounding the US midterm elections, risk of a US-China trade war, and slowing global growth, among other concerns.

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