Corporate Pensions’ Funded Ratio Rises for Third Straight Month

Funded status up nearly 5% from November 2016.

The aggregate funded ratio for corporate pension plans in the US rose to 85.6% at the end of November, up from the 84.6% reported the previous month, and the 80.8% reported at the same time last year, according to investment consulting and services firm Wilshire Consulting.

Wilshire said the monthly rise in funded status was the result of a 1.3% increase in asset values, combined with a 0.1% increase in liability values. The aggregate funded ratio was up 4.7 percentage points year-to-date.

“November marks the third consecutive month of increases in funded ratios and the seventh month for the year,” said Ned McGuire, managing director of Wilshire Consulting.  “November’s continued improvement in funding was driven by the continued increase in public equity markets, which pushed asset values higher.”

McGuire said that November marked a record 13th consecutive month of gains for the Wilshire 5000 Total Market Index, extending its longest such streak in more than 30 years.

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Roy Swan to Lead Ford Foundation’s Mission Investments Team

New director has dedicated much of his career to improving the quality of life in low-income neighborhoods.

Roy Swan will become the Ford Foundation’s director of its Mission Investments team Jan. 4.


Effective January 4, Roy Swan is joining the Ford Foundation as director of its Mission Investments team, the organization announced Monday.

“Roy brings such a wonderful balance of corporate investment and social impact experience to the foundation,” Darren Walker, president of the Ford Foundation, said in a statement. “We are truly fortunate to have him lead our growing team and push forward our commitment to mission investments.”

Swan most recently served as managing director and co-head of Morgan Stanley’s ($2.3 trillion) Global Sustainable Finance team. He has also served as the bank’s Community Reinvestment Act (CRA) Officer, CEO of Morgan Stanley Impact SBIC, and Trustee of the Morgan Stanley Foundation.

“Although we are sad to see Roy go, we are excited for him to continue to use his extensive experience with community development in this new opportunity,” said Audrey Choi, chief sustainability officer and chief marketing officer at Morgan Stanley. “We wish him all the best and look forward to seeing the great work to come out of the Ford Foundation in this important area.”

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Swan has dedicated much of his career to improving the quality of life in low-income neighborhoods. Prior to his days at Morgan Stanley, Swan was the founding CIO of New York City’s Upper Manhattan Empowerment Zone (EZ), a federal initiative designed to provide relief for impoverished urban communities. It was there that he partnered with chief executive Deborah Wright for the development and execution of the EZ’s $250 million investment fund, which contributed to economic rebirth for Harlem. Swan later became chief financial officer at Harlem-based Carver Bancorp, Inc., the nation’s largest African-American managed bank.

“We’re delighted to have Roy on board,” said Xavier Briggs, vice president of Economic Opportunity and Markets at Ford. “He has immense experience and leadership ability, and with our partners in this exciting field, he’s so well positioned to innovate—to help the market grow with integrity and produce meaningful impact on people’s lives.”

In addition, Swan also serves on several nonprofit boards, which include the Dalton School, Enterprise Community Partners, Low Income Investment Fund, and the Partnership for After School Education. He also serves on several private equity fund advisory boards, which include Brightwood Capital, HCAP, and the NEF Multifamily Affordable Rental Housing Preservation Fund.

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