Archive for Pension Funds

May
10

CPPIB Goes on a Buying Spree?

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The Canada Pension Plan Investment Board is among the anchor investors in India’s first private infrastructure investment trust.

Sponsored by L&T Infrastructure Development Projects Ltd., the CPPIB and Allianz Capital Partners will take a combined 55 per cent stake in the IndInfravit trust. The trust will focus on developing toll roads and other road infrastructure. It will initially acquire five operational toll roads spread across four Indian states.

The CPPIB is taking a $200-million stake, amounting to 30 per cent of the trust’s units, in addition to taking a board position.

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May
09

The National Pension Hub Gears Up?

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The National Pension Hub (NPH) for Pension Knowledge and Research is gearing up:

Through collaboration with leading Canadian pension plans, service providers, academia, and policy makers, the Global Risk Institute has established the National Pension Hub for Pension Knowledge and Research.The purpose of the NPH is to provide a sustainable pipeline of independent and objective pension research that, among other things, will lead to innovative solutions to pension design, governance and investment challenges. It leverages the global leadership of Canadian pension plans and consulting plans and engages the academic community on complex research topics to produce objective pension-focused and industry-relevant research and insights. We strive to offer local pension design insights as well as globally-relevant pension investment and governance research to establish Canada as a source for leading pension research…

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The value of investments by public pension funds declined last quarter, widening the gap between what these funds say they will earn and what they actually make.

Pension funds across the U.S. must each year estimate how much they expect to earn on investments, a projection that determines the amount the government that is affiliated with the pension fund must pay into it. Robust returns reduce the need for government support…

 Pension Funds Still Making Promises They Probably Can’t Keep

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  • Sweden, Finland could halt tax treaties on Portugal incentives
  • North/South divide shows EU discrepancies on social security

After a lifetime of long Swedish winters and hefty tax bills, Dan Wikstrom’s dream of a comfortable retirement in the sun has come true. Not in a Caribbean tax haven, but in Portugal, a far more convenient four-hour flight away…

‘Europe’s Florida’ Sparks Rift as Portugal Lures Rich Pensioners

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The potential for a state and municipal fiscal and public pension crisis is a defining issue for the next downturn. Underfunding guarantees problems. The question is whether the next downturn crystallizes a crisis.

This morning a commentary on pensions caught my eye. I learned that Steve Westly, a former voting member of public pension fund CalPERS’ board, was concerned about a pension crisis. And he was tweeting about it. Westly was also the California state Controller from 2003 to 2007. So he knows a thing or two about the state’s finances.

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  • GPIF’s Mizuno: Google, Amazon could become largest managers
  • Traditional managers need to update business models, he says

Hiromichi Mizuno was named chief investment officer of Japan’s Government Pension Investment Fund, the world’s biggest manager of retirement savings, in 2014. He has since led a push to increase equity holdings and advocated for incorporating ESG, or environmental, social and governance, factors into investing…

World’s Biggest Pension Fund Says AI Will Replace Asset Managers

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  • Renowned investor Andy Hall is said to close Astenbeck fund
  • His wrong-way bet on crude prices led to losses this year

Andy Hall, the oil trader sometimes known in markets as “God,” is closing down his main hedge fund after big losses in the first half of the year, according to people with knowledge of the matter.

The capitulation of one of the best-known figures in the commodities industry comes after muted oil prices wrong-footed traders from Goldman Sachs Group Inc. to BP Plc’s in-house trading unit. Hall’s flagship Astenbeck Master Commodities Fund II lost almost 30 percent through June, a separate person with knowledge of the matter said, asking not to be identified because the details are private…

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Where are the pensioners’ yachts?

That riff on Fred Schwed Jr.’s famous Wall Street tell-all book — which explains why bankers and brokers own yachts, but the customers who take their advice do not — came to mind recently. I was reading a new report detailing how outsize money management fees are crippling the nation’s public pensions.

We’re talking about the fees charged by hedge funds and private equity firms to invest pension fund money — fees that enrich the wealthy but imperil workers, retirees and taxpayers…

Strapped Pension Funds, and the Hefty Investment Fees They Pay

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May
03

Pension Funds Need to Give to Get

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Decent returns aren’t coming easily for U.S. pension funds, so maybe it’s time to shake things up.

I’ve written previously that they should be taking a lesson from their Canadian counterparts, who have been pioneers as private equity investors. Funds including the Ontario Teachers’ Pension Plan and Canada Pension Plan Investment Board (CPPIB) have saved on fees and bolstered returns by putting billions of dollars to work directly betting on companies and real assets such as toll roads, either alone or alongside various private equity firms in which they invest…

Pension Funds Need to Give to Get

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