US - The North Dakota State Investment Board (SIB) has axed Westridge Capital Management, whose principals were arrested for alleged fraud last month.
In late February, the FBI arrested Paul Greenwood and Stephen Walsh - principals of both WG Trading and Westridge Capital Management (WCM) - on charges of conspiracy, securities fraud and wire fraud charges. The two are accused of allegedly scamming $554m from investors. Because of the accusations of fraud and mismanagement, the firms' assets have been frozen leaving investors waiting to recoup funds.
SIB officials said: "The SIB and staff continue to follow developments and will take further action, including legal action, if necessary to recover asset."
North Dakota is the most recent pension fund to come forward with losses. The Iowan Public Employees Retirement System invested $334m with Westridge; Carnegie Mellon University and the University of Pittsburgh invested $114m; the Sacramento County Employees Retirement System had invested $52m and the San Diego County Employees Retirement Association also reported a loss.
Callan Associates serves as the SIB's general consultant
Mark Evans has been appointed as a director at Independent Trustee Services (ITS) to lead trustee appointments in London.
The Pension Protection Fund (PPF) is consulting on changes to the actuarial assumptions it uses in valuations in a bid to better reflect the bulk annuity market, with schemes set to move into surplus on aggregate.
Private sector defined benefit (DB) schemes were 96.3% funded on a Pension Protection Fund (PPF) compensation basis at the end of July, according to the lifeboat fund's monthly index.
Conduent has completed the sale of its actuarial and human resource consulting business to private equity investor, H.I.G. Capital.