In The News
First, he was called a Chinese spy. Then he was accused of misleading his board. Yet Ben Meng stayed on as investment chief at California’s mammoth state pension plan. What finally drove him to quit wasn’t only the public pressure, it was a Wall Street sin every rookie in the business knows to avoid: He steered the fund’s money into investments that could benefit him personally.
New research suggests that changes in a company’s demand for new hires is a valuable leading indicator.
As manager of the nation’s third-largest pension fund, the task of state Comptroller Thomas DiNapoli seems quite clear-cut: to uphold his fiduciary responsibility to state employees and ensure that they can retire securely.
The largest fund in New Jersey’s embattled pension sold Apple, Microsoft, and GE stock in the second quarter. It also initiated a stake in biotech Moderna.
Blueprint Capitol Advisors seeks $40 million in damages from the New Jersey Division of Investment, BlackRock Alternative Advisors, and Cliffwater L.L.C.
A surge in liabilities from low discount rates dropped aggregate ratios 1.3 percentage points to 79.9%, Wilshire says.
The coronavirus pandemic has already wreaked havoc on the city’s financial health, with officials tightening their belts.
Bond investors are wary about a return of coronavirus-induced volatility, despite central banks’ efforts to backstop credit markets.
North Carolina’s state pension system has recovered from the stock market’s COVID-19 fallout, the state treasurer said.
UMass retirees top the state’s $5.44 billion pension system, with the university’s former President William “Billy” Bulger set to pocket nearly $272,000 this year, records say.