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Large SWF Redemption – Legg Mason assets under management decreased to $698 Billion

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Legg Mason has reported results for 3Q of FY 2009. The report states, “AUM decreased to $698.2 billion at December 31, 2008, down $300.3 billion, or 30%, from December 31, 2007 and down $143.7 billion, or 17%, from $841.9 billion at September 30, 2008. In the third quarter of fiscal 2009, net client cash outflows were $77.0 billion. Equity outflows were approximately $17 billion, fixed income outflows were approximately $42 billion and liquidity outflows were approximately $18 billion in the quarter, the latter primarily driven by a partial redemption by a sovereign wealth fund with operating needs.

read more: Legg Mason Press Release

CPPIB Tries Out CLO Equity Tranche Investing with Sound Point Capital

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Canada Pension Plan Investment Board (CPPIB) through its wholly-owned subsidiary, CPPIB Credit Investments Inc. (CPPIB Credit), is broadening its portfolio through new investments in equity tranches of collateralized loan obligations (CLOs) alongside experienced CLO asset managers. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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CalPERS Names Yu Ben Meng as Chief Investment Officer

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The California Public Employees’ Retirement System (CalPERS) announced that Yu Ben Meng has been selected as the pension fund’s new chief investment officer (CIO). [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Ontario Nonprofit Network Awards Mandate to OPTrust

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The Ontario Nonprofit Network (ONN), a nonprofit network for the 58,000 nonprofits in Ontario, selected OPTrust to manage defined benefit assets. ONN selected OPTrust Select, the new defined benefit solution from OPTrust. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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