US - Pension funds are amongst those involved in the President's Working Group (PWG) debate on developing best practice guidelines for hedge funds.
Russell Read, CIO, California Public Employees’ Retirement System (CalPERS), was named as chair of an investor committee with Eric Mindich, CEO, Eton Park Capital Management, heading an asset manager committee.
Henry M. Paulson Jr, treasury secretary and PWG chairman, commented: “These groups are drawn from among the industry's finest in their respective areas. The market will benefit if experienced participants develop and implement best practices.”
The investor committee’s mission statement declared its purpose was to “facilitate an exchange of information between the investor community and the agencies comprising the President’s Working Group on Financial Markets”.
It continued that its best practice guidelines would focus on information, due diligence, risk management, and reporting, initially concentrating on hedge funds.
These best practices would be intended to “foster efforts to enhance market discipline, mitigate systemic risk, augment regulatory safeguards regarding investor protection and complement regulatory efforts to enhance market integrity”.
Members of the 11-strong investor committee include representatives from Washington State Investment Board and Commonfund. Each member can remain on the committee for up to three years.
The Pensions Regulator (TPR) has granted 11 master trusts extensions to apply for authorisation, as it confirms it has received 22 applications ahead of the 31 March deadline.
Aegon Master Trust, Fidelity Master Trust and Ensign have sent off their authorisation applications to The Pensions Regulator (TPR).
Self-administered pension funds spent £15bn on payments to pensioners in Q4 2018, but received just £12bn in contributions (net of refunds), Office for National Statistics (ONS) data reveals.
Aberdeen Standard Investments (ASI) and Gresham House are to team up to form a joint venture.