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...— has quite the job ahead of him, which he obliquely nodded to in the pension plan’s statement: “I’m grateful to CalPERS’ leaders for the trust they’ve put in me to help shape the pension fund’s next chapter...
...“It has been an honour to lead and guide this massive global investment trust fund for the teachers of California,” said Ailman....
...Gilmore starts at the largest US public pension plan in July, ending a seven-month vacancy in the top position at the $494bn pension fund....
...Calpers From the Financial Times’ intrepid pensions guru, Josephine Cumbo, yesterday: Calpers, the US’s biggest public pension plan, is to increase its holdings in private markets . . ....
...State Street Global Advisors developed a new product for the $32bn University of California retirement system aimed at this issue....
...“It’s great they make money for our retirees — who are teachers and for other funds,” he said....
...Take Calstrs, the $327bn US pension fund that is one of the world’s biggest backers of private equity....
...But he added that it would not be right for pension funds to simply invest in home markets due to ministerial pressure....
...While the Fed is expected to start cutting rates in June or July this year, pension funds are divided on what this means for the outlook for these funds....
...Even so, the alternatives to mutual funds have fundamentally reshaped the investment marketplace, as customers opt not just for ETFs but also separately managed accounts and collective investment trusts....
...Trust, a charity....
...Ben Rogoff, fund manager of the tech-focused Polar Capital Trust, is not convinced that all seven “Magnificents” can stay on the right side of the AI trade for much longer, and is positioning his portfolio...
...That stands for Government Pension Fund Global, the name of the actual fund (often just called “the oil fund” in Norway, or Oljefondet)....
...On the one side is the stretch to institutions: sovereign wealth funds, pension funds, insurers looking for fast, low-cost access to markets....
...Calstrs to PE: Share the wealth Private equity executives have made a killing managing money for big investors such as US public pension funds....
...People on lower incomes often rely solely on the state pension to fund their retirement, but face having to wait longer to get it....
...It also revealed shortcomings in the regulator’s assessment of how these strategies were being used by pension funds....
...harm competition (FT) UK bans vague ‘sustainability’ fund labels in greenwashing crackdown (FT) Fidelity and Abrdn agree £1.2bn China trust merger (FT) Fast fashion: Shein is no shoo-in for pricey IPO...
...The government’s response to low valuations of UK stocks has been somewhat unconvincing — telling pension funds to be more transparent as to where they are invested and introducing a £5,000 additional allowance...
...While DC trust asset data is collected by the Pensions Regulator, DC contract asset data is fiendishly hard to obtain, and this correspondent guesses it is absent from the ONS data....
...The next commission “should come with one initiative covering the key areas that would make a significant step forward”, for example an EU-wide framework for occupational pensions schemes, automatically...
...Venture capital trusts deployed more capital last year despite raising less cash, as fund managers supported portfolio companies in their fight against inflation....
...Or, uh, borrowing for the wrong reasons, to put it differently? Ha, trust me, you’d know!...
...Not surprisingly, with companies forced to use their cash flows for filling the nearly bottomless pit of pension fund deficits, rather than investing, the businesses became ever less dynamic....
...Just such an equitisation happened a few years back when northern Californian utility PG&E settled a $13.5bn liability for wildfires. Half was in the form of shares handed to a victims’ trust....
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