Expanding the public retirement system to the private sector moved to political reality from abstract concept this year, as 16 states either are considering legislation or taking the first steps toward implementing new approaches.
CalPERS portfolio managers have begun cutting the system's $5.3 billion hedge fund allocation in half, signaling a shift away from the asset class for the nation's largest defined benefit plan, say multiple sources familiar with the pension plan's operations.
Publicly traded money managers saw rather anemic gains in assets under management for the quarter ended March 31, due in part to defined benefit plans playing a smaller role in the institutional investment industry and also because equity markets saw only slight growth.
The South Carolina Retirement System Investment Commission should rehab governance and investment processes to better manage the state's $29.9 billion in retirement assets, a fiduciary performance audit found.
Small-cap growth stocks dominated the list of best-performing domestic equity strategies for the year ended March 31, according to Morningstar Inc.'s separate account/collective investment trust database.
The funding ratios for U.S. corporate plans dipped in April, according to recent reports from Wilshire Consulting, BNY Mellon Investment Management, Milliman and Mercer. All four cited rising liabilities and modest asset returns as the reasons for the drops, which ranged from 0.6 to 1.1 percentage points.
Large publicly traded banks' assets under custody and administration continued their slow but steady climb through 2013 into the first quarter of this year, and their asset servicing revenue saw similar percentage gains.
Gary Becker, recipient of the 1992 Nobel Memorial Prize in Economic Sciences, left behind a human-behavior approach to the study of economics, including a principle used to model target-date funds and defined contribution plan glidepaths.
Employers considering making significant changes to their U.K. defined benefit pension funds must take care not to breach their “Imperial duties” – that is, acting in good faith, according to lawyers in the U.K.
nGreat-West Financial, Greenwood Village, Colo., in April announced it had agreed to buy the large-plan institutional defined contribution business of J.P. Morgan Asset Management, New York. The deal is expected to close during the third quarter. The combined record-keeping business will have $387 billion in assets under administration for 6.
Meaghan Kilroy has joined Pensions & Investments as an online reporter in the Chicago office, writing primarily for P&I Daily. Ms. Kilroy previously was a reporter intern for The West Roxbury and Roslindale Transcripts based in Needham, Mass., and The Kane County Chronicle in St. Charles, Ill.
The Coca-Cola Co. equity compensation plan for executives won the approval of 83% of the shares voted at its recent annual meeting, but left the company with an ambiguous mandate. Some major institutional investors that supported the plan might have reconsidered had they known other pension funds opposed it and known Warren Buffet thought the plan was “quite excessive.”
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