Public pensions in Pennsylvania have a transparency problem. Though the public retirement systems pay performance-based fees to investment managers, these fees aren’t reported or publicly available.
The Employes’ Retirement System of the City of Milwaukee, a pension fund that covers over 12,500 city retirees and their survivors, reached a settlement in a lawsuit where the Milwaukee pension fund alleged losing “hundreds of millions of dollars” due to a fraudulent scheme.
Allianz Global Investors, a multinational investment firm based in Germany, is facing federal fraud charges – and the announcement comes just over two months after the Virginia Retirement System closed its account with the company.
A Fifth Circuit panel ruled Wednesday that the U.S. Securities and Exchange Commission’s use of in-house courts to bring a securities fraud case against a hedge fund manager was unconstitutional.
About a third of hedge funds invest in ESG-dedicated strategies leading to investment demand being considered a ‘primary driver’ in improving ESG, research from BNP Paribas shows.
Germany’s Allianz has agreed to pay about $6 billion and its U.S. asset management unit will plead guilty to fraud after a group of its multibillion investment funds collapsed amid market turmoil triggered by the coronavirus pandemic in 2020.