SWFI First Read, October 6, 2015

Norway SWF Could Face Withdrawals

As reported by SWFI months ago, Norway’s sovereign wealth fund is at risk of experiencing withdrawals from its government. Oil tax revenue is down 42% from 2014, and analysts forecast budget spending to exceed government income.

Harvard Endowment Shifts Investment Model After Losing Against Peers

Harvard Management Company is using a new approach called flexible indeterminate factor-based asset allocation (FIFAA) to manage its endowment. This is a shift away from the traditional endowment model pioneered by Yale University. FIFFA seeks to incorporate elements from modern portfolio theory (MPT), factor-based investing (smart beta), the reference portfolio approach and best-ideas investing. FIFFA has a 4-step process, essentially: selecting appropriate factors; measuring asset class exposure to selected factors; choosing desired factor exposures; and determining asset class targets and ranges to match desired factor exposures.

Kessler Topaz Meltzer & Check Goes After ITG

Kessler Topaz Meltzer & Check, LLP, a law firm, in late September filed a class action lawsuit against Investment Technology Group, Inc. (ITG) on behalf of purchasers of the Company’s securities between February 28, 2011 and August 3, 2015. The plaintiffs contend ITG and some of its executives issued a series of materially false and misleading statements to investors.

OMERS European Office Set for New Digs

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