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News Archive: Nov - 2020
Asset Management Culture
Ivy League Endowments Underperform 60-40 Portfolio Again
Average university returns fall short of a passive portfolio over one- and 10-year periods.
Alternatives
New York State Pension Doubles Down on Alternatives
C-band spectrum, collateralized loan obligations, and solar and wind power are among the largest allocations the fund made in September.
Risk
Australian Pension Fund Settles Climate Change Lawsuit
Mark McVeigh calls the settlement with Rest pension fund a ‘ground-breaking recognition’ of risks posed by climate change.
Manager Selection
Judge Rules Sterne Agee Analyst Complicit in NY Pension Pay-to-Play Scheme
John Paulsen planned ski trip for New York state pension fund fixed-income director in exchange for business directed to firm.
Asset Allocation
Slow Jobs Recovery to Impact Some State Credit Ratings
Hawaii recently saw a Fitch downgrade to AA, thanks to continued employment losses in the leisure sector.
Regulation
Rhode Island Pension Sues Restaurant Brands over Offerings
Lawsuit alleges the fast-food company misled investors about the underperformance of its Tim Hortons chain.
Market Moves
Democrats Favored to Win the Senate, but Odds Narrow, Goldman Says
The firm’s analysis, based on stocks affected by a Biden tax boost, tracks findings of the prediction markets.
Regulation
DOL, Dubious About ESG Pension Investing, Cuts It a Bit of Slack in Final Rule
The regulation still requires that plans only use financial considerations in investments, but says companies’ pollution and bad governance may be factors, too.
Risk
Citigroup Targeted by Lawsuit from Florida City Pension in Revlon Mess
The bank’s $900 million mistaken payments to Revlon creditors have harmed its stock, which the retirement system and others are invested in, suit says.
Alternatives
Net Zero Becoming More Affordable Says Goldman Sachs
Advances in technology, finance, and shareholder engagement are significantly reducing the cost of de-carbonization.