Public Pension
BlackRock NY

PRIVATE SIDE: Japan Post Chief Joins BlackRock

BlackRock is keen on being one of the top foreign asset managers in Japan (in terms of assets under management), especially as Japanese pensions gravitate toward equity products. Yoshiyuki Izawa, who has been president and CEO of Japan Post Bank for the past five years, is joining BlackRock as an executive. Japan Post Bank oversees [...]

India deals

India Rising: Canadian Pension Giants to Open Mumbai Offices

Canadian Prime Minister Stephen Harper met with Indian Prime Minister Narendra Modi to work on a number of commercial agreements to facilitate trade and investment between the countries. After the election of Modi, Canadian pensions, sovereign wealth funds and private equity firms have boosted capital toward Indian companies and real estate. Opening up Mumbai Offices [...]

UPDATE: Ken Fisher Not Retiring From Investment Responsibilities

UPDATE: We were notified on April 16, 2015, that Ken Fisher will stay on as Chairman and Co-Chief Investment Officer of the firm. After stepping down as CEO, Fisher will remain a member of the firm’s investment policy committee with no change in his investment responsibilities. The title has been amended to reflect the change [...]

CalPERS’ Tollette Wants to Eliminate Uncompensated Complexity

  The California Public Employees’ Retirement System (CalPERS) had its investment committee meeting in which Wylie Tollette, CalPERS’ chief operating investment officer, reported his findings to the board. In the board meeting, Tollette touched on the pension system’s ongoing effort to rein in investment costs – an effort initiated by the late CalPERS CIO Joe [...]

HISTORY: CalPERS’ Stance on CA Legislative Actions on Pension Divestments

  The California Public Employees’ Retirement System (CalPERS) investment committee voted 11 to 1 to approve the investment staff’s recommendation on SB 185. CalPERS’ investment staff recommended to the committee that they take no official position on state legislation which calls on both pensions including CalSTRS to divest from coal companies. View Institutional Investor Profile [...]

Japan’s GPIF Hires Three Transition Managers

Japan’s Government Pension Investment Fund (GPIF) has awarded transition manager mandates to three large asset managers. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

OTPP Chief Investment Officer to Retire in June

Major shuffling among the ranks of Canadian pension giants has occurred in the past 12 months as Neil Petroff, executive vice president and chief investment officer of Ontario Teachers’ Pension Plan (OTPP), plans to retire on June 1, 2015. Petroff has been OTPP since 1993, spending more than two decades at the pension plan. Ron [...]

Former Ballet Dancer, Ex-Yale Investor to Run Stanford Endowment

Robert F. Wallace was named president and CEO of Stanford Management Company (SMC), the organization that oversees Stanford University’s endowments, real assets and other trust assets. Wallace replaced John Powers who made his exit announcement in November 2014. Powers is helping with the transition. View Stanford Endowment Profile [ Content protected for Sovereign Wealth Fund [...]

San Diego County ERA CEO White Resigns

San Diego County Employees’ Retirement Association CEO Brian White has resigned effective March 30, 2015. The retirement board voted 8 to 1 to pass the mutual separation and severance deal, which includes nearly one year’s pay for Brian White. Board Vice Chairman David Myers voted “no” on the measure. San Diego-based Efficient Market Advisors, LLC [...]

ROASTED: Pensions to Vote Against Starbucks Executive Compensation

Starbucks CEO Howard Schultz is facing some opposition on executive pay, specifically an advisory vote on executive compensation, from pension giants Ontario Teachers’ Pension Plan (OTPP), California State Teachers’ Retirement System (CalSTRS) and Florida State Board of Administration (SBA). This information was revealed through the asset owners’ proxy voting disclosures. On the other hand, Canadian [...]

Friday SWFI News Roundup, March 13, 2015

Azerbaijan Sovereign Wealth Fund Looks to Open London Office The State Oil Fund of Azerbaijan (SOFAZ) plans to open an overseas office in London. This is a sign for more allocation to overseas markets. GSO Capital Begins to Market Debut Energy Credit Fund GSO Capital Partners, the credit unit of the Blackstone Group, is attempting [...]

TOBAM Graduates from CalPERS MDP – Gets $764 Million More

The California Public Employees’ Retirement System (CalPERS) graduated Paris-based TOBAM, also known as Think Out of the Box Asset Management, from the system’s Manager Development Program (MDP). In January, CalPERS allocated US$ 764 million to run an expanded global equity strategy. CalPERS is a pioneer among asset owners in seeding investment managers. MDP was founded [...]

INPRS Dumps 4 Equity Managers

The US$ 29.9 billion Indiana Public Retirement System (INPRS) has terminated four equity managers. INPRS terminated active, U.S. large-cap growth equity mandates from JP Morgan Asset Management (US$ 123 million) and Dallas-based Barrow, Hanley, Mewhinney & Strauss (US$ 136 million). The fund also terminated London-based Mondrian Investment Partners (US$ 168 million) and Gryphon Investment Management [...]

london real estate

CPPIB Buys UK Student Housing Portfolio for £1.1 Billion

The Canada Pension Plan Investment Board (CPPIB) has joined the ranks of public institutional investors and sovereign wealth funds such as Singapore’s GIC Private Limited in investing in U.K. student housing. CPPIB has acquired a 100% interest in U.K. student accommodation portfolio operating under the Liberty Living brand from the Brandeaux Student Accommodation Fund for [...]

TOBAM Benefits From Smart Beta Boom

Traditional market-cap weighted benchmarks are feeling some pain. Paris-based TOBAM, also known as Think Out of the Box Asset Management, scored US$ 2.1 billion for its “anti-benchmark” funds in the last three months. TOBAM’s proprietary “anti-benchmark” strategies fall into line with smart beta or factor-based weighting. These alternative indices are gaining popularity among institutional investors [...]

AGAIN: PIMCO Losing Mandates and People

At one point in March 2013, Newport Beach-based Pacific Investment Management Co. (PIMCO) reached US$ 2.04 trillion in assets under management – nearing proximity to 2.5 times the size of Norway’s sovereign wealth fund. PIMCO, the world’s biggest bond asset manager, lost a number of key investment and sales executives in the past few months. [...]

Opportunity Cost Model

BlackRock Joins the Fixed Income Smart Beta Party

Sapient institutional investors such as endowments, pensions and sovereign funds are seeking more products to meet their complex needs. Traditional weighting of indices and investment fees are major drivers. Plain vanilla equity products are facing outflows with sophisticated asset owners. For example, mega asset managers in the camp of Baltimore-based T. Rowe Price Group have [...]

Malaysian Pension Giant Buys Espace Lumière

Increasingly Asian institutional investors such as sovereign wealth funds and large pensions are making inroads into Parisian office real estate. Malaysia’s Employees’ Provident Fund (EPF), through Invesco Real Estate, has acquired a Paris office property called Espace Lumière. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

REVEALED: Virginia Retirement System Allocates Almost $2 Billion to Managers

Virginia Retirement System (VRS) has allocated capital to a number of firms. A massive mandate went to Chicago-based LSV Asset Management for US$ 830 million. LSV will manage a global equities mandate, beating out other candidates. US$ 200 million was allocated to Boston-based Windham Capital Management, LLC to run a risk-based multi-asset class portfolio. With [...]

Largest Pension in the World Hires Investment Strategy Director

Atsushi Ikari was appointed director general of investment strategy for Japan’s Government Pension Investment (GPIF), the world’s largest pension fund. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]