Investors Demand Climate-Change Risk Transparency
A group of investors that includes CalPERS, CalSTRS, bcIMC, and others has petitioned the SEC in hopes of requiring companies to disclose balance-sheet risk relating to climate change.
Regulation
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.
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.
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.
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.
Congress Mulls Allowing Pensions to Remain Unfunded Longer
The proposed plan would allow underfunded pension plans nine years, not seven, to make up the funding shortfall.
Cuomo Unveils Pension Plan Reform, But Not Without Protest
State Comptroller Thomas DiNapoli is questioning whether the move is allowed under the state’s constitution.
Home to Many Large DB Funds, Canada Reforms Pensions
The actions would ban underfunded plans from taking employer holidays, among other proposed reforms.
State Street, Accused of Cheating California Pension Giants, Is Sued
The bank is accused of inflating prices on foreign exchange trades for CalPERS and CalSTRS, two of the largest pension funds in America.
Dark Pools—Opaque Off-Exchange Markets—Face Scrutiny
Dark pools, often a place for institutional investors to trade anonymously in large quantities, are now under pressure from the SEC.
Former SEC Chairman Levitt Calls for Probe of Public Pensions
Following scandal at New York’s Common Fund and CalPERS, former Chairman Arthur Levitt is calling on President Obama to launch a countrywide investigation into middlemen and public pension funds.
As Europe Regulates, Study Shows Pensions Could Be Losers
A study by Charles River Associates states that European pensions could see limited investment options and weaker returns due to the draft directive on alternative asset management.
Eyeing His Next Target, Cuomo Goes after Sole Trustees
Moving his gaze from placement agents to the men and women who can exert uninhibited control over state pension systems, New York Attorney General Andrew Cuomo moves to curtail the power of sole trustees.
With Interest Rates Low, Brazil Pensions Get Okay To Diversify
Brazilian pension funds will now be able to move out of their traditional government and corporate debt holdings and into other, more esoteric, investments.
As Regulators Step Up, Securities Lending Comes Under the Spotlight
Regulation is a certainty in many different niche financial markets, and so it was only a matter of time before the SEC turned its gaze toward securities lending, which saw seemingly risk-free practices turn risky in 2008.