WASHINGTON (Reuters) - U.S. securities regulators on Wednesday charged the former Detroit mayor and treasurer along with the city's public pension investment adviser with devising a secret exchange of "lavish gifts" to influence the pension fund's investments.
Given his role as a senior investments adviser to the chief investment officer of the US$91 billion University of California pension fund, there’s no real surprise that Canadian Brian Gibson has strong views of the structure of a model pension fund.
Gibson, the former senior vice president of public equities at both Ontario Teachers Pension Plan Board and AIMCo, has advanced a number of suggestions as to how the UC fund should operate. Those suggestions have been made to Jagdeep Singh Bachher, the fund’s relatively new chief investment officer.
Highland Park, Michigan is on the brink of bankruptcy. There is no other realistic way out of the fiscal mess the city is in. As is typically the case, public union pensions are at the heart of the problem. Michigan Live reports Highland Park pensions in jeopardy if Fifth Third Bank halts loan payments.
Chicago's image as 'city that works' threatened by looming pension crisis CHICAGO (AP) — It's not the vision of a world-class city that Chicago Mayor Rahm Emanuel typically likes to portray. More teachers losing their jobs, thousands fewer police and firefighters on duty, less frequent trash collection and miles of potholed roads going unrepaired — all as property taxes soar.
In a zero interest rate environment, we can think about market participants in two groups:
Those who are taking risk because they can.
Those who are taking risk because they have to.
These are not the traditional buckets. Normally the dividing lines run retail versus institutional… investor versus trader… value versus growth or what have you.
A major New York State pension fund is "reviewing" whether it should follow California's lead and pull out of its hedge fund investments. "We are currently reviewing our asset allocations with the goal of maximizing our risk-adjusted return on investments," a spokesman for state Comptroller Tom DiNapoli told Business Insider on Tuesday.
VICTORIA — The chief executive of PSP Investments, which manages pension funds for the federal public service, Canadian Forces and RCMP, is leaving to become CEO of B.C. Investment Management Corp.
In his new role, Gordon Fyfe will manage a fund with $114.8 billion in assets — compared with $90 billion of assets managed by PSP Investments for the federal public sector.
Fyfe has more than 30 years of experience in investment and finance, including at JP Morgan, the Caisse de depot et placement du Quebec and TAL Global Asset Management.
One of the easiest types of investors for Wall Street sharpies to fleece are public pension funds that have a large shortfall they are desperate to make up. Even seasoned traders can all too easily start putting on desperate wagers to try to earn their way out of a hole, or worse, cook the books and try to make the trading profits later.
Our efforts to learn more about the private equity equity industry are revealing how determined public pension funds are to hiding as much as they can, even when they don’t have a legal leg to stand on.
Pension plans rebounded sharply in 2009 and 2010 from the devastating losses in 2008. However they never got back to even. 2011 was another poor year, and in spite of the start to 2012 I expect this year and/or next year to suffer more losses, or alternatively the market to limp along with no gains for a number of years.