INCLUDING: US - Pru sues State Street; UK - Emap pension offload
US - Pru sues State Street
The Wall Street Journal reported that Prudential Financial Inc. has sued State Street for US$80m in losses ascribed to “undisclosed, highly leveraged” investments. The affected funds were thought to have been hit by the fallout of the US sub-prime crisis.
According to the report, Prudential alleged that State Street has changed investment strategy over the summer, moving pension funds from bond-like assets providing “stable, predictable returns” to risky securities based on US mortgage swaps.
UK - Emap pension offload
Beleaguered media giant Emap is believed to have put its pension fund up for sale as part of the dismantling of the company, reported the Observer newspaper.
It was reported that Lazard and Citigroup have been appointed to advise on a possible sale that could be worth up to £2.5bn. The company pension fund is worth around £136m.
Here they are - the finalists for the Women in Pensions Awards 2019...
The Local Authority Pension Fund Forum (LAPFF) has shown support for Amazon's shareholder resolutions, advising its members vote for 11 of 12 shareholder proposals.
Pensions and risk consultancy Hymans Robertson has appointed two equity partners and five partners from across the firm.