A division of BNY Mellon Asset Management, The Dreyfus Corporation, is partnering with WisdomTree Investments on international cash and fixed income exchange traded fund (ETF) products. “We believe there is significant opportunity for ETFs to provide exposure to cash products around the world,” says WisdomTree CEO Jonathan Steinberg. “Despite U.S. cash being a US$3 trillion […]
A significant number of large U.S. companies don’t plan to reveal performance goals for their executive pay programs in their 2008 proxy statement, according to a Watson Wyatt poll. It found only 42% of firms will disclose on their proxy what the specific goals that were used in their executive compensation plans for the 2007 […]
Active fund managers in the United States could lose about US$12 billion annually in potential management fees because of the growth in index-based products like exchange traded funds (ETFs), according to a research report. The TABB Group report—Performance Anxiety: A Buy-Side Study of Benchmarks and the Investment Process— finds that investment-performance measurement has undergone a […]
The Caisse de dépôt et placement du Québec’s Cadim division is teaming up with Post Properties’ former chairman and CEO to make an unsolicited bid for the Atlanta-based firm. The offer by Cadim and Williams Realty Advisors of US$44 to $47 a share in cash values the company at about $2 billion. Post Properties’ board […]
A coalition of Alberta unions says recent changes in the rules governing activities of the board of the Alberta Local Authorities Pension Plan (LAPP) has put the pension rights of 125,000 Albertans at risk. The Labour Coalition on Pensions says some of those rights include the right to early retirement, cost-of-living allowances and workers’ ability […]
Markets around the world have been on a wild ride over the last few weeks, but experts say pension plan sponsors aren’t in panic mode. “It’s business as usual. Plan sponsors are somewhat insulated on this day to day,” says Peter Clarke, managing director, head of Canada, UBS Global Asset Management in Toronto. “Typically, I […]
The Bank of New York Mellon has completed the acquisition of ARX Capital Management, an independent asset management business headquartered in Rio de Janeiro. Financial terms of the deal, which was announced in November, were not disclosed. The acquisition of ARX will help drive the development of the company’s international business, says Jonathan Little, vice-chairman […]
Legg Mason has entered the 130/30 institutional and retail funds marketplace by launching a U.S. large cap equity fund. The Legg Mason Partners 130/30 U.S. Large Cap Equity Fund is aimed at the investment needs of smaller institutional investors. The fund is subadvised by Batterymarch Financial Management, which introduced a 130/30 U.S. large cap separate-account […]
The rise of the Canadian dollar against its U.S. counterpart had a significant impact on the performance of pension funds last year, according to Morneau Sobeco. The results of its Performance Universe of Pension Managers’ Pooled Funds finds that pension funds obtained a median return of 2.1% in 2007. The benchmark portfolio—55% equity and 45% […]
The Ontario Ministry of Health and Long-Term Care has announced that the Ontario Drug Benefit (ODB) will no longer pay for more than 30 highly utilized antibiotic generic products. On Jan. 1, 2008, generic manufacturers raised their prices by 20% to 90% for five classes of antibiotics, including Amoxicillin, Penicillin V, Cephalixin, Cloxacillin and Cefaclor. […]