General Motors, the world’s largest automaker, has shifted 20% of its pension assets to bonds from equities. In a 10-K filing with the Securities and Exchange Commission this morning, the company said the change was “intended to significantly lower expected volatility of asset returns and plan funded status, as well as probability of future contribution […]
The California Public Employees’ Retirement System(CalPERS)has recovered US$117.7 million in a settlement of a securities lawsuit against Time Warner. “This recovery is very favorable to the beneficiaries of the pension fund and is approximately 17 times more than we would have recovered had CalPERS remained in the class action suit,” says the fund’s general counsel, […]
JPMorgan has created an index for the pension industry aimed at measuring and managing both longevity and mortality exposure. The LifeMetrics index will enable pension plans to calibrate and hedge the risk associated with the longevity of their beneficiaries. It incorporates historical and current statistics on mortality rates and life expectancy, across genders, ages and […]
Canadian employers expect a steady hiring climate for the April to June period, says a Manpower survey. Thirty percent of employers plan to increase their payrolls in the second quarter, 5% plan to cut back, 63% expect no changes and 2% are unsure. “Employers are telling us that over the next three months they will […]
State Street Global Advisors(SSgA)has launched its active Canadian fixed income strategy, a risk-controlled approach for core fixed income investors. The strategy is designed to add steady returns over the Scotia Capital Universe Bond Index by taking active positions across many different strategies. It aims to generate excess annualized returns of 50 to 75 basis points […]
Integrated Asset Management(IAM)has completed its purchase of hedge fund firm BluMont Capital. IAM intends to continue to operate the company formed as a result of the amalgamation as BluMont. Before announcing its plans to acquire BluMont in May 2006, IAM held a 46.1% stake in the firm. Toronto-based IAM is an alternative asset management company […]
Disability absence costs due to injury or illness could cost companies with 1,000 workers more than $3 million a year, according to a survey by Hewitt Associates. Its Disability Absence Index Survey 2007 finds that organizations don’t have data regarding duration, frequency or cause of disability absence readily available. Or where data is available from […]
Securities back by infrastructure portfolios would create a potentially huge new class of assets for investors, according to the C.D. Howe Institute. “Regulatory changes that allowed Canada’s largest pension plans to take large states and manage assets for third parties would let them originate and manage infrastructure assets in partnership with retail investors,” writes William […]
Facing a tight labour market in Western Canada, Priszm Income Fund is looking for workers from abroad. “Under a federally sponsored program, we have applied to bring in foreign workers to support Priszm’s operations in both B.C. and Alberta,” said Jeff O’Neill, president and chief operating officer, during a conference call earlier today. The entire […]
IBM has announced a personal finance and education program for all of its U.S. employees as it switches to a defined contribution(DC)plan. The program will combine in-person educational seminars, online tools and confidential, one-on-one personal planning sessions with independent financial experts. Fidelity Investments and The Ayco Company, a division of Goldman Sachs, will provide services […]