Hints and tips:
...London-based PIC has more than 300,000 policyholders amassed through so-called bulk annuity deals, where it takes over pension fund liabilities and the assets backing them from their sponsoring companies...
...“Try and buy an index-linked annuity paying the equivalent of £220 per week for life, and it would cost you something like £225,000 today,” Cribb adds....
...“Many schemes who were expecting to get to buyout funding [eligibility] in three, five or even 10 years are there now,” says Stephen Purves, head of risk settlement with XPS, the pensions consultancy....
...The firm went from “esoteric” financial assets like lottery winnings and structured settlements to football clubs....
...This article has been amended to reflect the details of Millennium’s 2005 settlement...
...And you can do that by buying an annuity. Claer Barrett Yes. You’ve written a column about this in the FT: Annuities are sexy. Should Barbie consider buying one?...
...Assets under management at the group reached $523bn as the firm raised $34bn in new investor commitments during the quarter, including $13bn from its Athene annuities unit....
...Much of the group’s asset base depends upon annuities that its Athene unit has sold....
...While the S&P 500 index tracks the biggest listed American companies, Apollo’s AAA is to be backed by nearly 200 investments made by Apollo’s retirement annuities merchant, Athene....
...The US private equity group’s Athene annuities unit snapped up $1.1bn of assets during the fire sale, or about a third of the high-rated CLOs sold by the pension funds, DD’s Antoine Gara and Sujeet Indap...
...to Athene’s annuity policyholders....
...Wigdor filed a civil lawsuit and obtained a financial settlement. Public prosecutors enjoy wide discretion to choose which cases they pursue....
...Apollo is funnelling cash towards HarbourView through its credit arm, which includes Athene, the retirement annuity group with which it merged last year....
...A 2007 civil lawsuit in Massachusetts led by a pension fund in Detroit accused 16 private equity firms of forming consortiums that rigged bids in sale processes....
...The proposed settlement must be approved by a federal judge....
...But TIAA’s business increasingly overlaps with elements of the Apollo-Athene empire, which will be an extensive provider of retirement annuities and pension risk transfer solutions when the two companies...
...In January, a Florida pension fund sued the social network alleging that a settlement that the company struck with Paul Singer’s hedge fund in March 2020 resulted from the Twitter board breaching its fiduciary...
...The settlement was paid to Silentnight’s pension scheme but was not enough to clear the funding shortfall and keep members out of the PPF....
...While James still plans to hold on to billions in Blackstone stock, his kids want to diversify the trust portfolio despite inheriting one of the world’s greatest annuities....
...For decades, convincing pension and sovereign wealth funds to put cash into Apollo’s investment funds was straightforward. Returns were consistently excellent....
...(Vox) News round-up Luckin Coffee to pay $180m in accounting fraud settlement (FT) Wish shares fall in trading debut (FT) Robinhood faces legal action over ‘gamification’ of investing (FT) Tokopedia...
...One test will be what the Pennsylvania Public School Employees’ Retirement System, a big US public pension fund, decides....
...At the time, a Californian state pension scheme was finalising a $600m deal to buy roughly one-tenth of Mr Black’s firm....
...The judge also heaped blame on Apollo for directing private equity funds it managed for outside investors, who include many of America’s biggest public pension funds, “to pay the entirety” of the bogus expenses...
...But a lawsuit levelled by a Miami pension fund underscores the risks of taking shortcuts. (Bloomberg) Missed connections Wirecard. Luckin Coffee. WeWork....
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