Public Pension

EQUITIES: BlackRock, Brandes Reductions, Goldman Increases at New York State CRF

The New York State Common Retirement Fund (CRF), during the middle of 2014, chopped US$ 900 million from four asset managers specializing in global equity. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

BNY Mellon Manhattan

Another Custodian Loss for BNY Mellon on LGPS Mandates

In another string of bad news for BNY Mellon, the bank has been let go in favor of Northern Trust regarding a custodian mandate. The £964 million City of Westminster Superannuation Fund chose Northern Trust following a joint tender with the London Borough of Hammersmith and Fulham Pension Fund (which already has Northern Trust as [...]

Ethics Fail: CalPERS Board Member Loses Leadership Posts

The California Public Employees’ Retirement System (CalPERS) removed a prominent board member from her roles for violating California state campaign finance disclosure laws. Priya Mathur, a Bay Area Rapid Transit (BART) principal financial analyst, has been a CalPERS board member since 2003. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe [...]

The GROSS List: See Some Funds That Dumped PIMCO

The surprising departure of Bill Gross from Pacific Investment Management Co. (PIMCO) has made it easier for institutional investor clients who already had issues with the money manager to exit. For example, the Arkansas Teacher Retirement System terminated PIMCO following the exit of Bill Gross and George Hopkins. The pension fund had a US$ 475 [...]

PGGM Slashes Workforce to Lower Costs

Dutch pension fund manager PGGM has announced it will be scaling back its workforce by about 15% in an attempt to bring costs down. Over the next three years, PGGM plans to cut at least 200 jobs, including forced redundancies, in line with a new reorganization program aimed at cutting costs by €50 million (US$ [...]

Oregon Investment Council Awards $2 Billion Equity Mandate

The Oregon Investment Council (OIC), which manages the Oregon Public Employees’ Retirement Fund (Oregon PERS), awarded a US$ 2 billion mandate to Dimensional Fund Advisors. The mandate is for a domestic, large-cap core equity allocation. OIC was able to negotiate a lower management fee, which was already less than the average active management fee the [...]

SWFI – Movers and Shakers – September 30, 2014

Schroders Picks Up 2 for Growing Multiasset Business Schroders plc hired Fred Dopfel and Duncan Shand as senior advisors for the firm’s growing multiasset business which manages US$ 98 billion in assets under management. Dopfel will advise the U.S. multiasset business – he used to work at BlackRock. Shand will advise on the European side [...]

North Carolina Retirement Systems Allocates $1.5 Billion to Alternative Funds

North Carolina Retirement Systems committed US$ 1.5 billion in capital to a number of real estate and private funds. In August 2013, North Carolina Governor Pat McCrory signed a bill to clear the way for more flexibility for the fund to invest in alternative funds. It passed in the North Carolina Senate 48-to-1. See the [...]

Friday SWFI News Roundup, September 26, 2014

Stephen Blyth to become Next CEO of Harvard Management Company Stephen Blyth will become the next president and CEO of Harvard Management Company (HMC). Blyth will assume the presidency on January 1, 2015, succeeding Jane Mendillo who is leaving the endowment at the end of the year. Blyth joined the endowment manager in 2006 and [...]

No Surprise: CalPERS Officially Names Eliopoulos CIO

On September 17, the California Public Employees’ Retirement System (CalPERS) selected Theodore “Ted” Eliopoulos as the official chief investment officer of the pension giant. This is ending a 7-month CIO search. Eliopoulos served as the interim CIO, taking over the job from the late Joseph Dear. Eliopoulos started at CalPERS as the senior investment officer [...]

ALM Pioneer Guus Boender Passes

Guus Boender was a co-founder of Ortec and became CEO of Ortec Finance in 1981. Boender has passed away on Monday morning after a battle with cancer. Boender was well internationally-recognized for his work and dedication in the asset-liability management (ALM) space. Ortec worked on a number of asset liability management strategies with organizations like, [...]

SWFI – Movers and Shakers – September 16, 2014

Putnam Hires Lazard Asset Management’s US Head of Institutional Marketing Boston-based Putnam Investments has hired Jeffrey L. Gould as head of global institutional management. Gould does not have an official start date. Gould replaced Joseph Phoenix who exited Putnam late in 2013. Phoenix had been with Putnam since 1989 and Putnam CEO Robert Reynolds desired [...]

credit funds

CalPERS Gives Out $2.65 Billion to Real Estate and Credit Managers

The California Public Employees’ Retirement System (CalPERS) committed US$ 600 million toward two real estate partnerships. CalPERS added US$ 200 million to Palo Alto-based Pacific Urban Residential, a joint venture partner to the multi-family real estate partnership called Pacific Multifamily Investors. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to [...]

Public Funds Bet on XPO Logistics

Greenwich-based XPO Logistics, which is publicly-traded on the NYSE, has drawn interest from a pool of public sector capital. Ontario Teachers’ Pension Plan (OTPP), Canada’s Public Sector Pension Investment Board (PSP Investments) and Singapore’s GIC Private Limited have agreed to invest US$ 700 million into XPO for an approximate 21% equity stake. The investment will [...]

Goldman Sachs Lands $2 Billion Deal to Assist NY Pension Assets

The US$ 180.7 billion New York State Common Retirement Fund and Goldman Sachs Asset Management have formed a strategic partnership to manage US$ 2 billion in active global strategies. The pension fund has about US$ 100 billion in its global equity portfolio and is headed by New York State Comptroller Thomas DiNapoli. Goldman Sachs has [...]

Cityhold Buys Hamburg Atlantic Haus Building

Stockholm-based Cityhold Property AB has acquired a Hamburg office property in the city’s Harbour Business District. Hamburg is the second largest city in Germany. Built in 2007, the Atlantic Haus office stands 88 meters tall. Atlantic Haus is comprised of approximately 32,000 square meters of gross rental area. A UBS fund sold the property and [...]

GPIF Hired Eastspring Investments, Focusing on Value Plays

In April 2014, Japan’s Government Pension Investment Fund (GPIF) hired Singapore-based Eastspring Investments to manage a small portion of the fund’s massive portfolio. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

South Korean Retirement Assets Set to Rise

The South Korean government is planning to mandate Korean companies to enroll employees in private retirement plans by 2022. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

MainePERS Commits Up to 160 Million to PE Funds and Ag Vehicle

The US$ 12.6 billion Maine Public Employees’ Retirement System (MainePERS) has made three new commitments that total up to US$ 160 million. MainePERS committed up to US$ 50 million to H.I.G. Bayside Loan Opportunity Fund IV, a distressed debt fund managed by Miami-based H.I.G. Capital. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers [...]

Friday SWFI News Roundup, August 22, 2014

Panama’s Sovereign Wealth Fund Looks to Hire Panama’s FAP is looking to hire external fund managers as it prepares mandates in fixed income and equities. The FAP has a dual mandate to stabilize the fiscal budget and build integenerational savings. View Panama’s SWF Profile and Asset Allocation JP Morgan Attempts to Reach Upper Echelon in [...]