Berkshire's Potential Heir Revealed: Little-Known HF Manager Todd Combs
Warren Buffett has named 39-year-old Todd Combs, a small hedge fund manager, to oversee a portion of Berkshire's roughly $53 billion equity portfolio.
Newsmakers
Ravenstahl Tells City Council Its Pension Plan Will Fail
Pittsburgh's major told the City Council that its plan will not succeed in rescuing the city's struggling pension funds.
Seeking Liquidity, Harvard Ups Cash Allocation to $1 Billion
The oldest and richest college in the US has released its annual report saying that following the financial crisis that left endowments around the country struggling to run their campuses, it has boosted its holdings of cash, US Treasuries, and other easy-to-sell assets.
Princeton University to Cut 50% of Private Equity Managers
The $14.4 billion endowment of Princeton University is planning to terminate 50% of its private equity managers, reducing its investments in leveraged buyouts.
New Jersey to Boost Cap on Alts to 38%; Negotiating Fee Cut
New Jersey State Investment Council is planning to boost its alternatives target to 38%, while the state's pension fund for teachers and government workers is negotiating reductions in fees and expenses for private investment managers.
Flash Crash Report Points Finger at Wrong Source of Big Trade That Went Bad
The trade and algorithm blamed for sparking the Flash Crash in the report by the SEC and CFTC was not executed by “mutual fund complex” Waddell & Reed but their executing broker, Barclay's Capital. The report's contention that the algorithm was simplistic and did not take price changes into full account may also be untrue. aiCIO's Joe Flood reports.
New York State Pension Commits $300 Million to Blackstone
US private equity firm Blackstone has won a $300 million commitment to its latest buyout fund from New York State’s pension system.
Puerto Rico's Pension Head Seeks Probe of Pension Officials After In-Depth Study
Retirement Systems Administrator Héctor Mayol Kauffmann has urged a probe of former officials following an in-depth study by consulting firm Conway MacKenzie that showed the pension system’s status worsened markedly as a result of bad oversight.
Pittsburgh City Council Turns Down Parking Lease Plan
The council has rejected Mayor Luke Ravenstahl's proposal to lease parking assets for a pension bailout.
Canada Funds Seek to Thwart Stake in Potash
Canada's pensions are looking to swoop in to purchase a 30% stake in Potash Corp. to maintain control of the fertilizer company in Canada while at the same time encouraging Chinese investment.
Mercer Reevaluates DB Investment Consulting Work for US Public Sector Plans
The consultant firm is establishing limits of liability to curb risk.
New York State Common Retirement Fund Backs Out From Morgan Stanley
Following news of expected losses, the New York State pension reneged on a $300 million commitment to Morgan Stanley’s real estate investing group.
The Saga Continues: Flash Crash Controversy
Two weeks ago, the Securities Exchange Commission and Commodity
Futures Trading Commission revealed the possible causes of the May 6th
Flash Crash. Since you can't stop traders from making bad trades, what's
to stop another Flash Crash from happening tomorrow? aiCIO's Joe Flood
reports.
LGIM Says Institutional Activism Will Improve on Heels of Stewardship Code
Andy Banks, head of corporate governance at Legal & General
Investment Management (LGIM), says the UK's Stewardship Code has given
shareholders the essential ability to consult with each other when
issues arise at companies in which they invest.
aiCIO Editorial: DE Shaw and the Lost City of El Dora-Dough
DE shaw is getting some flack for a Southwestern real estate misadventure.