Fees, registration in bill
Skip to main content
pilogo-NEW
Subscribe
  • Subscribe
  • My Account
  • login
  • NEWS
    • Asset owners and the coronavirus
    • Alternatives
    • Consultants
    • Coronavirus
    • Defined Contribution
    • ESG
    • Frontlines
    • Hedge Funds
    • Investing / Portfolio Strategies
    • Money Management
    • Pension Funds
    • People Moves
    • Private Equity
    • Real Estate
    • Searches & Hires News
    • SECURE Act
    • Special Reports
    • WorldPensionSummit
    • Ron Schmitz
      Pandemic drives faster transition for Virginia to private markets
      Mubadala Investment Co. logo
      Mubadala draws on portfolio in coronavirus fight
      T.J. Carlson
      Texas Muni reduces downside risk during pandemic, finding opportunities now
      Scott Davis
      ‘Triage plan’ at Indiana system helped stem losses
    • Coller Capital collects $9 billion with latest secondaries fund
      Directional signs respresenting types of traditional and alternative investments
      Setter: Alternative secondary deals drop 27.7% in 2020
      Kennedy Lewis raises $2.1 billion for latest opportunistic credit fund
      Emma Davies
      Octopus Ventures chooses co-CEO
    • Bill Foley
      SPAC agrees to $7.3 billion deal with Alight
      Jason Schwarz, chief operating officer of Wilshire,
      New owners have big plans for future of Wilshire
      Amy Hsiang
      Meketa picks new public markets manager research director
      Will Martindale
      Cardano Group chooses group head of sustainability
    • Steve Foresti
      Despite a truly frightening March, funds ended year in great shape
      Mexico manages breakthrough in virus-marred year
      Coronavirus throwing retirement systems into a deepening hole
      COVID-19 hinders emerging Europe's hopes for DC boost
    • Joni Tibbetts
      Principal counts on advisers to get word out on PEPs
      Jan Jacobson
      High-court ruling thwarts ERISA stock-drop lawsuits
      Kenneth J. Munro III
      Empower names new national sales director
      Fidelity cuts target-date asset threshold for lower fees
    • Shannon O'Leary
      Resisting diversity could lead to termination
      Ontario Teachers commit to net zero emissions by 2050
      LaSalle Investment Management taps 2 for new ESG roles
      Sovereign credit ratings vulnerable to ESG risks — Moody’s
    • Ryan Tedder
      Strike up the band: KKR fund takes majority stake in Ryan Tedder catalog
      Helen Dean
      NEST’s Helen Dean earns U.K. recognition for service
      Hawk's Nest dam
      Brookfield donates golf course for firefighter training center
      Gifford Fong
      Old ties help bring local version of JOIM to mainland China
    • Shanghai skyline
      Global hedge funds struggle even in a more open China market
      The Sun Hung Kai Properties Ltd. logo is displayed on the Sun Hung Kai Centre building in Hong Kong on Sept. 13, 2018
      SHK spins out East Point Asset Management
      Man holding a business card with Hedge Fund written on it
      Hedge funds chalk up decade’s best returns in 2020 – HFR
      New hedge fund launches surpass liquidations in third quarter
    • Inflation fears are good news for ETFs targeting TIPS
      George Antonopoulos
      SPAC launches leap, but institutions are wary
      Steve Foresti
      Despite a truly frightening March, funds ended year in great shape
      Janet Yellen
      Yellen urges more COVID-19 relief, retirement access
    • Rene Buehlmann
      Standard Life Aberdeen makes senior leadership changes in APAC, U.K. and EMEA
      State Street, Northern Trust both prepare for layoffs
      Marques Benton
      Loomis Sayles chooses first chief diversity officer
      Standard Life Aberdeen CEO Stephen Bird
      Standard Life Aberdeen CEO: Some staff won’t get bonuses
    • A sign outside California Public Employees' Retirement System headquarters in Sacramento
      CalPERS expecting to announce new CIO this quarter
      Marcie Frost
      California pension funds learning from experience
      The Great Seal of the State of New Mexico in the House of Representatives chamber within the New Mexico State Capitol in Santa Fe
      New Mexico PERA executive director taking new position
      ABP calls for clarity over funding ratio rules
    • Rene Buehlmann
      Standard Life Aberdeen makes senior leadership changes in APAC, U.K. and EMEA
      The Great Seal of the State of New Mexico in the House of Representatives chamber within the New Mexico State Capitol in Santa Fe
      New Mexico PERA executive director taking new position
      Marques Benton
      Loomis Sayles chooses first chief diversity officer
      Charles Wu
      State Super appoints chief investment officer
    • Pension funds continue private equity investing spree
      Big jump in private equity AUM expected over next 5 years
      Thoma Bravo takes in $22.8 billion for 3 funds
      Jason Thomas
      Data, technology become new prized possessions
    • Chiang Ling Ng
      Hines hires first head of Asia-Pacific real estate investments
      Brand new apartment building on sunny day in spring with blooming trees
      Real estate returns forecast to trend lower – report
      Ivanhoe Cambridge Inc. signage is displayed outside the company's office near Bay Street in Toronto on Aug. 29, 2011
      Ivanhoe Cambridge, PAG announce joint venture for Japan logistics investments
      Residential buildings in Hong Kong on Feb. 20, 2020
      KKR closes first Asia-Pacific real estate fund at $1.7 billion
    • Retirement cartoon
      Hopes rising for retirement readiness in 2021
      Neal and Brady
      Retirement security could be only issue both sides accept
      David Ireland
      Sponsors returning to questions about in-plan annuities
      Shawn O'Brien
      Annuities coming to target-date funds, but not right away
    • Retirement in emerging markets
      Outlook 2021
      The top 10 stories of 2020
      The best places to work in money management
    • U.S. still a key market for investors
      Collected coverage of P&I's 2020 WorldPensionSummit
      Pedestrians pass a large advertisement on the Arndale Center shopping mall reading 'Act now to avoid a local lockdown' in Manchester, England
      COVID-19 puts new opportunities and risks on the agenda - WPS panelists
      Screens display stock price information over the trading floor of the NYSE Euronext exchange in Paris
      Private assets will continue to grow in portfolios – WPS panelists
  • Data
    • Research Center
    • Searches & Hires Database
    • Searches & Hires News
    • RFPs
    • Charts / Infographics
    • Sponsored Research
    • Trackers
    • Q2 2020 searches and hires overview report
      Q2 2020 money manager M&A activity summary
      Q2 2020 legal overview report
      Q1 2020 searches and hires overview report
    • Houston Firefighters puts $180 million into 3 funds
      LACERA allocates up to $442 million with 6 managers
      BBC Pension Scheme re-signs HSBC as global custodian
      Stanislaus County Employees earmarks $20 million to buyout fund
    • Houston Firefighters puts $180 million into 3 funds
      LACERA allocates up to $442 million with 6 managers
      BBC Pension Scheme re-signs HSBC as global custodian
      Stanislaus County Employees earmarks $20 million to buyout fund
    • International Small Cap Manager Services
      Financial Expertise
      Passive Index Manager Services
      Emerging Markets Equity Investment Management Services
    • Taiwan Semiconductor’s No. 1 in the emerging markets book
      U.S. fixed-income returns post another positive year
      Nasdaq delivers an impressive year
      U.S. dollar's recent decline continues
    • Institutional Investors: Shared Expectations, Divergent Paths
      Global Investor Study 2016
      Workplace Financial Wellness
    • U.S. Endowment Returns Tracker
      Pension Fund Returns Tracker
      Earnings Tracker
      Corporate Pension Contribution Tracker
  • Insights
    • Opinion
    • White Papers
    • Industry Voices
    • Letters to the Editor
    • Partner Content
    • Publisher's Update
    • Infrastructure cartoon
      You must go big on infrastructure, Mr. President
      Retirement cartoon
      Hopes rising for retirement readiness in 2021
      view gallery
      25 photos
      Cartoons depict a year like no other
      view gallery
      25 photos
      2020 in editorial Cartoons
    • GP-LED OPPORTUNITIES AT THE SMALLER END OF THE MARKET
      Gold Outlook 2021
      Bond ETFs show maturity during Covid market mayhem
      2021 Outlook: A rousing recovery
    • Charles E.F. MIllard
      Commentary: It’s time to make 401(k) plans into real pension plans
      Michael McNally
      Commentary: New ‘investment-plus’ test poses risks to private equity investors
      Adam Waterous
      Commentary: Institutions urged to act now on opportunities created by current global oil disruption
      Ron Lagnado
      Commentary: Straw man critiques don’t hold up in face of real world success
    • Writer using a typewriter
      OCIO industry needs to adopt GIPS
      Writer or journalist workplace. stock illustration
      Even as it assails China, Trump administration emulates it
      Skeptical of Main Street support for proxy adviser proposal
      Focus on manager diversity pushes asset owners’ to walk the talk
    • Sponsored Content By MassMutual
      Leveraging Data to Manage Risk
      Sponsored Content By iShares
      ETFs are becoming a cornerstone of insurance equity portfolios
      Sponsored Content By Aberdeen Standard Investments
      Taking a passive approach to the hedge-fund universe
      Sponsored Content By World Gold Council
      Gold: the most effective commodity investment
    • Help us help you by supporting quality journalism
      You Must Believe in Spring
      Everything Must Change
      Tomatoes & Investments
  • Multimedia
    • Videos
    • Webinars
    • Polls
    • Slideshows
    • Charts / Infographics
    • watch video
      1:24
      U.S. stocks were 2020’s comeback kid
      watch video
      1:23
      Outlook 2021
      watch video
      1:52
      Buy gold's pullback?
      Coronavirus and the S&P 500: 2020
    • Getting Back to Normal: How to Creatively Manage Fixed Income Portfolios in a Rising Rate Environment
      Lessons From 2020: OCIO Model Passes Major Test of Governance
      What might a Biden DOL and SEC mean for retirement plans?
      Staying on target with target-date funds
    • POLL: Retirement issues in 2021
      POLL: Money managers' priority in Asia-Pacific region
      POLL: Retirement issues in the presidential election
      POLL: The S&P 500 in the third quarter
    • view gallery
      9 photos
      Coronavirus and the markets
      view gallery
      22 photos
      The 1,000 largest retirement funds: 2020
      view gallery
      10 photos
      Outlook 2020
      view gallery
      10 photos
      2019 as seen through the eyes of Roger
    • Riskwatch for Q4 2020
      Graphic: A look at hiring activity in 2020
      Taiwan Semiconductor’s No. 1 in the emerging markets book
  • Events
    • Conferences
    • Webinars
    • Defined Contribution Spring Virtual Series
      DC Investment Lineup Virtual Series
      ESG Investing Virtual Series
      Private Markets Virtual Series
    • Getting Back to Normal: How to Creatively Manage Fixed Income Portfolios in a Rising Rate Environment
      Lessons From 2020: OCIO Model Passes Major Test of Governance
      What might a Biden DOL and SEC mean for retirement plans?
      Staying on target with target-date funds
  • Careers
  • Research Center
MENU
Breadcrumb
  1. Home
  2. Print
December 14, 2009 12:00 AM

Fees, registration in bill

  • Tweet
  • Share
  • Share
  • Email
  • More
    Reprints Print

    The House of Representatives approved 223-202 a financial services reform bill on Dec. 11 that would charge money managers user fees to help cover the costs of their inspections and would require large hedge fund and private equity managers to register with the SEC.

    Lawmakers removed a provision that would have subjected about 4,000 money managers associated with broker-dealers to FINRA regulation.

    The bill also would shift 4,200 of the about 11,000 SEC-registered money managers — those with less than $100 million under management — to state regulation.

    The focus now shifts to the Senate, which is working on its own version of a financial services bill.

    Deletion of the FINRA provision was a victory for money managers, said David Tittsworth, executive director of the Investment Adviser Association. “But the jury is still out on what the Senate will do.”

    CalPERS, CalSTRS ratings cut

    CalPERS' and CalSTRS' long-term municipal credit enhancement program ratings were downgraded to Aa3 from Aaa by Moody's Investor Service.

    Municipalities buy credit enhancements from the two plans to boost the ratings on their bonds.

    In a news release, Moody's attributed the downgrade to steep investment losses incurred by the funds, which it said could ultimately affect their ability to meet obligations to pay retirees' benefits.

    CalPERS spokesman Brad Pacheco said the downgrade should have no effect on the credit enhancement program. CalSTRS spokesman Ricardo Duran could not be reached by press time.

    Corporate plan assets up

    Assets in U.S. corporate defined benefit and defined contribution plans totaled $5.3 trillion as of Sept. 30, up 11% from three months earlier, according to the Federal Reserve's Flow of Funds report.

    Corporate DB plans had a total of about $2.1 trillion as of Sept. 30, up 8.1% from the previous quarter. Total assets in corporate DC plans were $3.2 trillion, up 13%, the report said.

    Total assets in state and local government retirement funds as of Sept. 30 were $2.6 trillion, up 9.5% from June 30, while assets in the federal government's retirement funds totaled $1.2 trillion, up 3%.

    PennSERS boosts bonds

    The $23.7 billion Pennsylvania State Employees' Retirement System will gradually increase its target fixed-income allocation over as long as five years to 32.5% from the current 15% as part of the system's strategic investment plan.

    The change will trim equity targets to 35.5% from 47%; alternative investments (private equity and venture capital), to 12% from 14%; real estate, to 7% from 8%; and inflation protection (including commodities) to 4% from 7%. The long-term absolute-return target remains unchanged at 9%.

    System officials are making the move to meet the liquidity needs arising from a projected increase in benefit payouts.

    Lehman near PCCP deal

    Lehman Brothers Holdings as early as Dec. 14 is expected to close on a deal to sell two real estate mezzanine funds with a combined $2 billion in assets to real estate investment firm PCCP, confirmed Lehman spokeswoman Kimberly N. Macleod.

    PCCP is taking over the general partnership interests in Lehman Brothers Real Estate Mezzanine Partners I and II, said William R. Lindsay, founding partner. PCCP is hiring 10 Lehman investmentportfolio managers that have been running the fund.

    McNabb named Vanguard chairman

    F. William McNabb III, Vanguard's president and CEO, will succeed John J. Brennan as chairman, effective Jan. 1. Mr. McNabb will retain the president and CEO posts.

    Ill. Teachers taps PIMCO

    The $30.9 billion Illinois Teachers' Retirement System hired PIMCO to run about $400 million in global macro, part of the fund's real-return allocation.

    PIMCO had managed $99 million in a commodities portfolio within the system's real-return asset class; those assets will be moved to the global macro portfolio, Scottie Bevill, senior investment officer-fixed income, told trustees on Dec. 10.

    The system also hired LM Capital Group to manage $25 million in global core-plus fixed income. Funding will come from TRS' ongoing $500 million emerging manager investment program.

    Callan Associates was rehired as the fund's real estate consultant.

    Global real estate recovery ahead, ING says

    Global unleveraged real estate returns are expected to be 9% by 2011, with commercial real estate in the U.K. and most of Asia excluding Japan poised to recover first, according to an ING Real Estate Investment Management report.

    U.S. commercial real estate recovery is expected to lag, bogged down by debt, the report said. ING estimates about 46% — or $1.4 trillion — of all U.S. commercial real estate debt will mature by 2012.

    6 to run €1 billion in credit for FRR

    Fonds de Reserve pour les Retraites hired six managers to run a total of €1 billion in active euro-denominated credit, according to a news release.

    The €28.8 billion ($42 billion) fund's investment-grade credit portfolio will be run by AXA Investment Managers, BNP Paribas Asset Management, Halbis Capital Management, La Banque Postale Asset Management, Quoniam Asset Management and Standard Life Investments.

    Information on how much each manager will run was not available. Funding will likely come from reducing equities. An FRR spokeswoman could not reached for further information.

    Ferlauto leaves AFSCME for SEC

    Richard C. Ferlauto, director of corporate governance and public pension programs at the American Federation of State, County and Municipal Employees, will leave that post Dec. 31 to become deputy director of policy in the SEC's Office of Investor Education and Advocacy, Mr. Ferlauto said.

    It is a new position, said John D. Heine, SEC spokesman.

    Riverstone to pay N.Y. State Common fund $20 million

    The $126 billion New York State Common Retirement Fund will receive $20 million from David Leuschen, co-founder and senior managing director of private equity firm Riverstone Holdings, in restitution to resolve his role in a pay-to-play investigation.

    Andrew M. Cuomo, New York state attorney general, announced the payment. His office investigated the New York pension fund's investments in three joint ventures between Riverstone and Carlyle Group. Riverstone Holdings in June agreed to pay $30 million in restitution, and Carlyle Group agreed to pay $20 million in May, according to the statement.

    A Riverstone comment about the new settlement included in Mr. Cuomo's statement said, “Riverstone and its founders are pleased to have resolved all issues with the New York attorney general with respect to its investigation of fundraising activities at the New York Common Retirement Fund.”

    New York pension fund officials couldn't be reached.

    Endowment returns down big

    U.S. educational endowments returned an aggregate -19% net of fees for the year ended June 30, according to preliminary results of a study by the Commonfund Institute and the National Association of College and University Business Officers.

    Recommended for You
    Read the print edition of P&I
    Read the print edition of P&I
    Targeting millennials: Author, niece put his latest book to music
    Targeting millennials: Author, niece put his latest book to music
    How low is low? Projections say it's not low enough
    How low is low? Projections say it's not low enough
    Research for Institutional Money Management
    Sponsored Content: Research for Institutional Money Management
    sponsored
    Events
     
     
    Sponsored
    White Papers
    GP-LED OPPORTUNITIES AT THE SMALLER END OF THE MARKET
    Gold Outlook 2021
    Bond ETFs show maturity during Covid market mayhem
    Global gold-backed ETFs: A popular gateway to the gold market
    2021 Outlook: A rousing recovery
    Climate change and emerging markets after Covid-19
    View More
    Sponsored Content
    Partner Content
    The Industrialization of ESG Investment
    For institutional investors, ETFs can make meeting liquidity needs easier
    Gold: the most effective commodity investment
    2021 Investment Outlook | Investing Beyond the Pandemic: A Reset for Portfolios
    Ten ways retirement plan professionals add value to plan sponsors
    Gold: an efficient hedge
    View More
    E-MAIL NEWSLETTERS

    Sign up and get the best of News delivered straight to your email inbox, free of charge. Choose your news – we will deliver.

    Subscribe Today

    Get access to the news, research and analysis of events affecting the retirement and institutional money management businesses from a worldwide network of reporters and editors.

    Subscribe
    Connect With Us
    • RSS
    • Twitter
    • Facebook
    • LinkedIn

    Our Mission

    To consistently deliver news, research and analysis to the executives who manage the flow of funds in the institutional investment market.

    pilogo-NEW
    About Us

    Main Office
    685 Third Avenue
    Tenth Floor
    New York, NY 10017-4036

    Chicago Office
    150 N. Michigan Ave.
    Chicago, IL 60601

    Contact Us

    Careers at Crain

    About Pensions & Investments

     

    Advertising
    • Media Kit
    • P&I Content Solutions
    • P&I Careers | Post a Job
    • Reprints & Permissions
    Resources
    • Subscribe
    • Newsletters
    • FAQ
    • P&I Research Center
    • Site map
    • Staff Directory
    Legal
    • Privacy Policy
    • Terms and Conditions
    • Privacy Request
    Pensions & Investments
    Copyright © 1996-2021. Crain Communications, Inc. All Rights Reserved.
    • NEWS
      • Asset owners and the coronavirus
      • Alternatives
      • Consultants
      • Coronavirus
      • Defined Contribution
      • ESG
      • Frontlines
      • Hedge Funds
      • Investing / Portfolio Strategies
      • Money Management
      • Pension Funds
      • People Moves
      • Private Equity
      • Real Estate
      • Searches & Hires News
      • SECURE Act
      • Special Reports
      • WorldPensionSummit
    • Data
      • Research Center
      • Searches & Hires Database
      • Searches & Hires News
      • RFPs
      • Charts / Infographics
      • Sponsored Research
      • Trackers
    • Insights
      • Opinion
      • White Papers
      • Industry Voices
      • Letters to the Editor
      • Partner Content
      • Publisher's Update
    • Multimedia
      • Videos
      • Webinars
      • Polls
      • Slideshows
      • Charts / Infographics
    • Events
      • Conferences
      • Webinars
    • Careers
    • Research Center