SWFI First Read, November 16, 2015
PRESSURE: PEMEX Scraps DB for DC
Mexico-based PEMEX, the massive state-owned oil company, is near closing its defined benefit plan to new employees. PEMEX is one of Mexico’s largest employers and has been struggling due to the low price of oil and decreased country production. PEMEX has around US$ 90 billion in pension liabilities. PEMEX negotiated a deal with the unions to form a defined contribution (DC) fund for new employees and increase its retirement age to 60.
BlackRock Seeks Approval for Non-Transparent Active ETFs
BlackRock desires to gain approval from the Securities and Exchange Commission (SEC) to have actively managed exchange-traded products that don’t disclose their holdings daily. The filing to the SEC states that a number of BlackRock units would like approval to, “permit applicants to operate actively managed exchange-traded funds that do not disclose their portfolio holdings on a daily basis.”
QIA Sold Shares of Shell and BG
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