After Five Years, Marsh & McLennan Settles Pension Lawsuit
Led by three state pension funds, the class action suit accused the insurer of misrepresenting revenues from contingent commissions.
News
CalPERS’ Board Votes To Restrict Placement Agents
Following a national trend and hoping to align itself with new state laws, pension giant CalPERS has increased disclosure requirements for investment managers that utilize placement agents.
Quebec’s Caisse, Struggling, Plans to Issue Pension Bonds
After a disastrous 2008, the fund—which has replaced both its CEO and CIO since April—will issue up to $8 billion in bonds.
As Leaders Gather, SWFs Warn of Protectionism
Funds from across the globe gathered in Singapore alongside world leaders to express their concerns over protectionism—and to promote the idea of sovereign wealth funds as long-term, stable investors.
Despite Minimal Execution, Interest in Longevity Swaps Grows
Despite few actual deals being completed, U.K. pension schemes are increasingly interested in insuring against retirees outliving actuarial predictions, a new study shows.
Survey: With US Equities Unpopular, Corporate Bonds and Emerging Markets Hot
A recent survey by Bank of America Merrill Lynch shows that 30% of large pension plans, endowments, and foundations are reducing their exposure to much-maligned U.S. equities, choosing instead to enter corporate bonds and emerging markets.
Facing Legal Pressure, State Street Ups Defense Reserves
Following on the news that CalPERS knew of forex overcharges as early as 2003, State Street has upped its battle fund in preparation for a drawn-out legal battle regarding this and other claims.
Buffett, Seeing Crisis Abate, Makes A Move
Following large profit increase—not the least of which was seen in its insurance units—Berkshire has made an “all in” bet on the American economy with its purchase of Burlington Northern Santa Fe railroad.
Besting Peers, Penn Endowment Outperforms
With a neutral last 12 months, the Penn endowment has done what others couldn’t—it has maintained its capital base.
While Others Go Home, Canadian Pension Plans Go Big
With a hostile bid for highway owner Transurban Group, Canada’s CPPIB and Ontario Teachers’ continue their direct investments in foreign assets.
Norway SWF Up, Cuts External Management
The Government Pension Fund gained 18% in Q3 while at the same time reducing its reliance on external managers.
While We Wait for Wolfe and Galbraith: A Review of Andrew Ross Sorkin's 'Too Big to Fail'
We don’t read books about the Great Depression that were written in 1932. We don’t read newspaper accounts of the Mercury astronaut program from 1961. Instead, we turn to John Kenneth Galbraith’s book from 1954 about the Crash, and Tom Wolfe’s 1979 account of pilots being shot into space.
Pensions Worry More about Inflation, Less about Interest Rates
A new survey shows that UK funds more focused on hedging their liabilities against inflation than they were earlier in the year.
City of London, Others Look to Increased Oversight and Allocation Changes
Following a poor 2008, the City of London defined benefit pension plan is considering increasing oversight of investment managers as they look to enter the alternative market.
Study: Lack of Understanding Between Quants and Managers
New study shows quants feel misunderstood in their roles at global financial firms.