Temer Administration Still Adamant on Brazilian Pension Reform in 2018

In an interview with Brazilian newspaper Folha de S. Paulo, President Michel Temer was adamant about his administration passing his controversial pension reform.

Temer not only had high hopes for the reform’s approval, but also disclosed that some congressmen had changed their minds.

The proposal, which would to raise the country’s retirement and social security collection ages in order to cut its vast budget deficit, has been delayed over the past year due to corruption scandals, the president’s surgery last month, and a variety of other issues. The bill is also facing more issues getting passed this year due to the presidential election. Polls show former President Luiz Inacio Lula da Silva is currently in the lead. Lula has been convicted with corruption and is awaiting trial Wednesday, which will determine if he will be allowed to run in October or face jail time.

Reuters reports that while Temer is not running for re-election, he is hoping Lula loses his battle on the political playing field as opposed to the judicial system.

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“We have to admit that if (Lula) were to be politically defeated, it would be better than being beaten (in a court), because he would be victimized,” Temer told Reuters. “Victimization is not good for a country and not good for a former president.”

Tags: Brazil, Michel Temer, Pension, Pension Reform

Northern Trust Corp. is bringing Citadel’s technology development in-house—including a team of key development professionals as well as software development rights for the technology platform. The agreement, planned to close during the first half of 2018, allows Northern Trust greater control over technology enhancements and enables deeper collaboration between the developers in order to find solutions for alternative fund managers, asset managers, institutional investors, and family offices.

In 2011, Northern Trust acquired Citadel’s hedge fund administration business (Omnium), licensing its middle- and back-office investment technology, which became known as Northern Trust Hedge Fund Services. It grew from $70 billion in assets under administration to more than $350 billion in assets under administration, across more than 130 clients.

“We are excited to have the opportunity to bring this technology development team to Northern Trust,” said Peter Cherecwich, president of Northern Trust Corporate & Institutional Services. “Their deep expertise has been a key contributor to our growth, and has been critical to our success in delivering solutions to our clients—which are among the world’s most sophisticated asset managers and institutional investors.”

Gerald Beeson, chief operating officer of Citadel, said, “This change in our technology relationship with Northern Trust will enable each organization to better focus on their core strategies as both firms continue to experience significant growth.”

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Northern Trust will continue to provide middle office and fund administration services for Citadel’s funds.

Peter Sanchez, CEO of Northern Trust Hedge Fund Services, said, “We look forward to integrating the technology team’s formidable talent directly with our expert operations. This integrated partnership will help us build on our record of innovation and client service.”

Tags: Aquisition, Citadel, Notern Trust, Technology