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.
Most respondents in this week's Pensions Buzz do not think businesses should be able suspend AE contributions if in financial distress.
Former BHS owner Dominic Chappell has lost the appeal against his section 72 conviction and sentence for failing to hand over information to The Pensions Regulator (TPR).
This week's top stories include Marsh and McLennan Companies agreeing to buy JLT, and the home secretary calling for AE to be scrapped in a no-deal Brexit scenario.
Lesley Titcomb says the watchdog wants closer interactions with pension funds to spot problems sooner and act before having to use its more stringent powers