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.
Newton Investment Management's series of DC columns continues with Gerald D Rehn of BNY Mellon forecasting innovation in the market
Pension Insurance Corporation (PIC) has agreed to a 30 year debt investment in Phoenix Community Housing, a not-for-profit, resident-led housing association in London.
Royal London has announced plans to allow customers with guaranteed annuity rates (GARs) to convert their guarantees into a top-up for their pension pot, subject to High Court approval.
The Salvus Master Trust will welcome another 1,200 members and 20 employers as it absorbs the £7m Complete Master Trust.