Former Pan Am employees lost a bid to have the PBGC replaced as trustee of the defunct airline's underfunded pension plans.
Judge Loretta A. Preska of the U.S. District Court for the Southern District of New York dismissed all but one allegation claiming the PBGC breached its fiduciary duties to the pension fund. She did, however, open the door for members of the Association of Former Pan Am Employees, which sued the agency, to prove in court that the PBGC delayed giving the former employees information about their benefits.
The PBGC took over Pan American World Airways Inc.'s pension plans in 1992.
Futures managers reported strong returns in November, returning 1.67%, according to preliminary data at Managed Account Reports.
Futures returns were bolstered by positions in currency markets as well as financial futures. Lois Peltz, managing editor of MAR, said in as statement that some advisers benefited from long positions in Canadian and Australian dollars and short positions in the Japanese yen. Nonetheless, volatility in the energy markets led to losses, she said.
Money managers investing in Asia have not been performing well, although they have beaten an index this year, a report by WM Co. and RCP & Partners says. A composite universe developed by the firms shows that 21 money managers posted an average 14.4% loss for the year through Sept. 30. That compares with a 17.6% drop for the same period of the MSCI Asia index, excluding Japan.
Most traditional managers ``misread the fundamental weaknesses threatening the region since 1994,'' the report says. By the time the markets of Hong Kong and China began to be rocked in August and September, many firms had high concentrations of holdings in those markets. And, ``few conventional managers were extensively hedged during the crisis.''
401(k) Forum acquired the investment fund performance monitoring and tracking software products of Decision Analytics, which is exiting that business. Terms were not disclosed.
401(k) Forum provides investment advice to plan participants via the Internet. Stephen L. Deschenes, president, said the addition of the monitoring software will enable it to provide detailed fund information.