Public Pension

Japan’s Chikyoren Awards 11 Mandates

Japan’s Chikyoren, formally known as Pension Fund Association for Local Government Officials, awarded 11 active, global bond mandates to investment managers. The pension system has US$ 173 billion in assets and has around 11.4% allocated to international bonds. Institutional Investor Profile of Chikyoren See the Winners – Fixed Income Managers [ Content protected for Sovereign [...]


reinsurance sovereign wealth fund

Should U.S. Pensions Lower Their Discount Rates?

Increasingly, public defined benefit plans across the United States are lowering their discount rates. This trend accelerated after the global financial crises of 2008. Changes in the investment outlook toward a low-yield environment has forced pension funds to rethink what returns can they really achieve. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers [...]


Everyone Wants a Robo-Advisor, Right?

Is the financial technology sector in a bubble? Are there too many terms like smart beta and robo-advisors? Apparently not, and the concept of robo-advisors is gaining traction as another way for asset managers and technology-centric service providers to channel their products through sleek graphical user interfaces (GUI). Strategies and consultancy firms profess a trend [...]


SWFI – Movers and Shakers – August 26, 2015

D’Eramo Leaves State Street for Executive Role at RBC Investor & Treasury Services Don D’Eramo is taking a new job at RBC Investor & Treasury Services as managing director, head of distribution & product development, securities finance, for its treasury & market services activity. The role is based in Toronto and he will report to [...]


Hedge Funds’ Annus Horribilis in Europe

Despite many European public pensions scaling back from hedge funds, there is a cadre of hedge fund believers out there. There is a stack of academic literature disproving the usefulness of hedge funds such as one written by Mikhail Tupitsyn and Paul Lajbcygier of Australia’s Monash University, stating that most hedge funds are actually passive [...]


Friday SWFI News Roundup, August 14, 2015

Former Temasek China Chief Leaves for Morgan Stanley Executive Role Morgan Stanley plans to hire Wing Dei, the former head of China of Singapore’s Temasek Holdings. Wing Dei will become vice chairman of Morgan Stanley’s Asia Pacific investment banking unit. Ding is an investment banker by trade and worked at China International Capital Corporation (CICC). [...]


A $322 Billion Opportunity in China, Managers Wanted

China is undergoing a level of public pension reform. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


private equity performance

TIAA-CREF’s OCIO Manager Wins Sizeable Mandate

TIAA-CREF’s OCIO unit Houston-based Covariance Capital Management won a big mandate. Covariance Capital, a group that focuses on endowments, is led by Kevin Nee, the former President of Wilshire Private Markets, a unit of Santa Monica-based Wilshire Associates. The firm won a contract to manage a US$ 770 million church portfolio for Boston-based Christian Science [...]


Taiwan Public Service Pension Awards RE Mandates

Taiwan institutional investors are encountering low yields on domestic real estate investments. Taiwan’s Public Service Pension Fund has allocated US$ 150 million in its global listed real estate mandate to two managers. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


corn

How Low Carbon Strategies Are Gaining Momentum

European pensions are the pioneers of the institutional investor low carbon sector. This is changing, as more institutional investors are factoring in climate change risk and returns from low carbon investment strategies. U.S. pensions are taking another look at these responsible investing tactics. From a listed equity standpoint, there is a risk of carbon emissions [...]


André Bourbonnais

Bourbonnais Alters Course at PSP Investments, Focus Overseas

PSP Investments, also known as the Public Sector Pension Investment Board, has a relatively-new chief and he intends to bring CPPIB style to his current employer. PSP Investments oversees the retirement savings of federal public servants, including the Royal Canadian Mounted Police. Andre Bourbonnais is the chief executive officer of PSP Investments, he also graced [...]


SWFI – Movers and Shakers – July 29, 2015

Seides Ditches Protégé Partners, Joins Credit Suisse Asset Management Ted Seides, president and co-founder of Protege Partners, is leaving the company to create a hedge fund at Credit Suisse Asset Management. Seides will be developing an equity fund at Credit Suisse. John Mackin is being appointed president of Protege Partners. Seides will remain a non-voting [...]


JP morgan

Investors Recover $388 Million in JP Morgan MBS Class Action

After six years of intense litigation, the lead plaintiffs and court-appointed class representatives of Laborers Pension Trust Fund for Northern California and Construction Laborers Pension Trust for Southern California recovered hundreds of millions of dollars regarding nine 2007 residential mortgage-backed securities (MBS) offerings issued by JPMorgan Chase & Co. This brings near closure to one [...]


CUSTODIAN: AP2 and AP3 Choose Northern Trust, State Street Out

Swedish buffer funds AP2 and AP3 have jointly awarded a contract as global custodian to Northern Trust for each of the funds. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


CalPERS Generates 2.4% Return for FY 2015

California Public Employees’ Retirement System (CalPERS) returned 2.4% in fiscal year 2015 – ended June 30th, 2015. This was CalPERS’ worst performance since 2012 when it generated a 1% return. Listed equities were a major drag on performance, along with private equity. The pension giant had an internal goal of 2.5%, far below its targeted [...]


QSuper CEO Rosemary Vilgan to Retire in October

QSuper CEO Rosemary Vilgan will retire effective October 23, 2015. Vilgan has been with the Brisbane-based superannuation fund for 27 years, 18 years as its CEO. QSuper will begin a formal search for the fund’s next CEO. QSuper is one of Australia’s largest superannuation funds. QSuper has more than 540,000 members where it invests in [...]


CPPIB Makes First Direct Investment in Canadian Multi-Family

Canada Pension Plan Investment Board (CPPIB) acquired a 60% interest in Minto High Park Village, a multifamily rental property, from Minto Properties Inc. for approximately C$105 million. Minto will own the remaining 40% of the property and provide management and leasing services. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe [...]


Ivanhoé Cambridge and APG Drop $920 Million on Chongbang Group

Ivanhoé Cambridge, the real estate unit of Caisse de Depot et Placement du Quebec (CDPQ), and APG Asset Management N.V. together invested US$ 920 million in Chinese retail property firm Chongbang Group. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


India deals

CPPIB Indian Property Venture Acquires SP Infocity IT Park

Canada Pension Plan Investment Board (CPPIB) and Mumbai-based Shapoorji Pallonji Group, through their joint investment unit SPREP Pte Ltd. (CPPIB owns 80% of the unit), is making its first investment acquiring 100% of the securities of Faery Estates Private Limited. India-based Faery Estates owns, operates and manages SP Infocity IT Park in Chennai, India. The [...]


SEC Targets State Street on Usage of Consultants and Lobbyists

The U.S. Securities and Exchange Commission (SEC) had served a Wells notice to Boston-based State Street Corporation. The notice is for informing State Street that SEC employees plan to ask the commission for authorization to bring a civil enforcement action that would allege violations of U.S. securities laws. It is important to note that receiving [...]