US - The Iowa Public Employees Retirment System (IPERS) has recovered US$35m from Westridge Capital Management, whose principals were arrested on charges of conspiracy and fraud in February.
Paul Greenwood and Stephen Walsh - principals of both Westridge Capital Management and associated WG Trading - were arrested on charges of conspiracy, securities fraud and wire fraud charges. The two are accused of allegedly scamming $554m from investors (Globalpensions.com; 26 February 2009) .
Other investors included the Carnegie Mellon University and the University of Pittsburgh, which have filed a suit against Westridge Capital, and related firms demanding a combined $114m worth of investments back.
The Sacramento County Employees' Retirement System had a $52m exposure and has recovered $5m, according to a release posted on its website in February, the most recent information regarding Westridge posted.
The North Dakota State Investment Board invested US$161.3m and has so far been able to recover $23.3m. The San Diego County Retirement Association is also known to have an exposure.
The US District Court for the Southern District of New York has appointed Robb Evans & Associates as the receiver tasked with identifying asset available for distribution back to investors. The firm has until 27 April to file a report with the courts describing how long it may take to distribute the funds.
Partner Insight: Members' evolving needs and expectations are driving changes in scheme administration. As the pensions landscape inevitably continues to change, how will your scheme's approach need to develop to keep pace?
The Pensions Regulator (TPR) is "working closely" with government contractor Interserve and the trustees of its defined benefit (DB) pension schemes, it has confirmed.
The industry has welcomed the Department for Work and Pensions' (DWP) consultation on defined benefit (DB) consolidation as a way to address scheme covenant issues.
BMO Global Asset Management has opened a UK fiduciary management business, promising a "truly open architecture" approach to deliver "better client outcomes".