The Investors’ Working Group (IWG) has urged the US Government to set up an independent authority to monitor the activities and risk exposures of dominant financial institutions and advise regulators on ways to mitigate current and emerging risks in the financial system.
America’s two largest pension funds both lost around a quarter of their market value in the fiscal year ended June 30, in what was the biggest ever single year decline for CalPERS.
In his testimony to the US Senate on the regulation of hedge fund and private equity managers, Joe Dear, CIO of CalPERS, said that all managers of US assets should be subject to SEC oversight, and that alternatives should not bear the brunt of blame for the crash, as regulatory shortcomings are now also evident.
The five New York City pension funds selling shares worth $10.8 million in two companies with business ties to Iran have been asked to adopt resolutions for the phased divestment of holdings in eight more companies with ties to the country which, in total, have a market value of more than $141 million.
The UK Treasury has taken aim at the European Union directive to impose equivalence tests upon foreign alternatives managers, urging institutional investors to join the debate – and for managers to curb inflammatory remarks and stick to the argument at hand.
With two more UK pension funds announcing arrangements to hedge their pensioner liabilities against improvements in longevity there is speculation these DIY swaps may replace bulk annuity buy-ins by pension funds.
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