Authorities: Steer Clear of USD LIBOR Key industry regulators are warning financial services firms not to use U.S. dollar (USD) LIBOR as a reference rate after Dec. 31, 2021 to avoid “consumer protection, litigation, and reputation risks.” The Nov. 30 statement, which underscores the need for firms to move away from the London Inter-bank Offered… Read More >>
Calpers Chief Investment Officer Abruptly Resigns
Calpers Board to Review the Matter on August 17 Yu (Ben) Meng abruptly resigned from his post as chief investment officer for the approximately $409 billion California Public Employees’ Retirement System (Calpers) pension fund. Meng, whose resignation became effective August 5, became the chief investment officer in January 2019. Calpers has appointed Dan Bienvenue, deputy… Read More >>
Morgan Stanley Pays $150M to Settle MBS Cases
The California Public Employees’ Retirement System (CalPERS) and the California State Teachers Retirement System (CalSTRS) are alleging that Morgan Stanley misled them about the mortgage-backed securities (MBSs) in which they invested in the 2003 to 2007 period. Morgan Stanley officials have denied the allegations “and all claims of wrongdoing, damages and liability whatsoever.” The legal… Read More >>
Calpers Pursues Plan to Increase Private Equity Investments
The key investment committee of the California Public Employees’ Retirement System (Calpers) pension fund initially approved the concept of having its own two new groups make private equity investments that could grow to a combined $20 billion. In particular, the committee on March 18 acted to include two organizations — Pillars III (Late Stage Venture/Growth)… Read More >>
DTCC Partners with Symphony for DXM Service
Symphony to Enhance DTCC Exception Manager Service The New York City-based Depository Trust & Clearing Corp. (DTCC), a post-trade market infrastructure provider for the financial services industry, reports that it has signed an agreement with Symphony, a cloud-based messaging and collaboration platform. The agreement “significantly expands communication and collaboration capabilities within the DTCC Exception Manager… Read More >>
CalPERS COIO to Return to Franklin Templeton
CalPERS Names an Interim Chief Operating Investment Officer The California Public Employees’ Retirement System (CalPERS) reports that Wylie Tollette, its chief operating investment officer (COIO), is leaving the pension fund early in the new year to rejoin Franklin Templeton Investments. Matt Flynn, a CalPERS investment director, will become the interim COIO while the fund conducts… Read More >>
CalPERS Supports CEO Pay-Ratio Disclosure Rule
The California Public Employees’ Retirement System (CalPERS) reports that it has signed a letter that supports the SEC’s Pay Ratio Rule, requiring public companies to “disclose the ratio of CEO pay to that of the median compensation earned by all employees at a company.” The letter was prompted by a delay and possible reconsideration of… Read More >>
New CalPERS CEO to Take Over in October
Marcie Frost, the former director of the Washington State Department of Retirement Systems (DRS), will become the new CEO of the California Public Employees’ Retirement System (CalPERS) in October, according to CalPERS officials. The CalPERS board of administration late last week named Frost as the new CEO and her first day will be Oct. 3,… Read More >>
CalPERS Names an Interim CEO
While the board of administration for the California Public Employees’ Retirement System (CalPERS) looks for a new president, it has tapped Douglas Hoffner, the current deputy executive officer for operations and technology for the pension fund to be the interim CEO, starting July 1. The current CEO for CalPERS is Anne Stausboll who announced in… Read More >>
NYC Pension Fund Dumps Hedge Funds
Another key pension fund, the New York City Employees Retirement System (NYCERS), has decided to pull its money out of hedge funds and endorse an asset allocation more in line with more cautious longer-term investment objectives. The NYC pension fund represents a total $60.5 billion, as of June 30, 2015, and will be pulling $1.7… Read More >>
