William Moriarity will become the new president and CEO of the University of Toronto Asset Management Corporation (UTAM) next month. He joins UTAM from Royal Bank and RBC Capital Markets where he was recently vice chair and head of the global research division. Moriarty also served on the board of RBC Asset Management Inc., and […]
Investors rank transparency and risk management as highly as performance when it comes to retaining managers of alternative investments, according to a new report by PricewaterhouseCoopers. The global survey of 226 institutional investors and alternative investment advisors found that declining returns have resulted in increased investor demand for more and better governance. Of the criteria […]
JPMorgan Chase is acquiring Bear Stearns, which was reportedly on the verge of collapsing as a result of the credit crunch, for just US$236 million. The U.S. Federal Reserve will provide special financing in connection with the transaction and has agreed to fund up to $30 billion of Bear Stearns’s less liquid assets. JPMorgan is […]
More than half of public pension plans say they currently invest or are planning to invest in alternative asset classes, according to a joint study by the Bear Stearns Pension, Endowment and Foundation Services Group and the Government Finance Officers Association. Fifty-two percent of plans invest or intend to invest in alternative asset classes. Respondents […]
A solution for the restructuring of Canada’s frozen $33 billion asset-backed commercial paper (ABCP) market is one step closer, according to The Globe and Mail’s website. At a late-night meeting on Thursday, the parties involved agreed to the terms of a deal which hinged on the backing of a credit line by Canada’s big banks […]
The growth in the value of employer-sponsored pension funds was flat in the third quarter of 2007, according to Statistics Canada. Pension fund assets amounted to $957.2 billion, almost unchanged from $956.9 billion in the second quarter. This situation is explained by a weaker stock market and the rising Canadian dollar, which hindered gains in […]
Fifty-three percent of pension fund sponsors in Canada are not aware of the impact that adopting best trade execution practices could have on their fund’s annual returns, according to a survey by Morneau Sobeco. Its 60 Second Survey reveals that 32% of pension fund sponsors estimate that “best execution” practices improve their fund’s return by […]
In the first round of voting, Auckland International Airport Limited (AIAL) shareholders supported the Canada Pension Plan Investment Board’s (CPPIB) offer to buy a minority stake in the company. As of Thursday, more than 60% of shareholders approved the sale, exceeding the board’s expectations. A second vote will be held Friday to finalize the deal, […]
Target-date funds (TDFs) have seen explosive growth in assets and popularity and are quickly becoming a fundamental part of almost all defined contribution (DC) retirement plans in the United States, according to a report. Vanguard Investment Counseling and Research’s Evaluating and implementing target-date portfolios: Four key considerations report highlights what plan sponsors should look for […]
A poll suggests that almost a quarter of employers would consider the Tax-Free Savings Accounts (TFSAs) an important campaign issue if a federal election were called before enabling legislation was passed. The Morneau Sobeco 60 Second Survey received responses from 270 employers and found that 23% considered it a major campaign issue, while 61% did […]