All articles tagged with #pension fund
Originally Published 23 days ago — by Financial Times
Australia’s largest pension fund plans to reduce its allocation to global stocks due to concerns over artificial intelligence, reflecting a cautious approach to emerging technological risks in investment decisions.
Originally Published 1 month ago — by New York Post
Brad Lander's upcoming departure as NYC comptroller is seen as positive for the city's $300 billion pension fund, as his push to exclude BlackRock over green energy policies is viewed as misguided and potentially harmful to retirees' investments. His focus on climate activism over sound investment strategies and the influence of political agendas are criticized, emphasizing the need for a more pragmatic approach to managing the city's retirement funds.
Originally Published 5 months ago — by The Verge
Kodak, facing potential financial difficulties due to upcoming debt obligations, plans to use funds from its pension reversion to pay off a significant portion of its debt, aiming to strengthen its financial position and avoid shutdown, despite initial concerns raised in a regulatory filing.
Originally Published 6 months ago — by Al Jazeera
Norway's largest pension fund, KLP, has decided to divest from two companies, Oshkosh Corporation and ThyssenKrupp, due to their alleged involvement in supplying equipment used by the Israeli military in Gaza, citing concerns over violations of humanitarian law and responsible investment guidelines.
Originally Published 1 year ago — by Reuters
Eastman Kodak Co is reportedly considering tapping into its overfunded pension system, which has a surplus of about $1.2 billion, in a move known as a pension reversion. This maneuver would allow Kodak to take control of the surplus instead of leaving it for current and future retirees, potentially using the proceeds to pay down debt and invest in growth initiatives. The company's shares surged about 52.6% following the news.
Originally Published 2 years ago — by Reuters
China's basic pension fund, managed by the National Council for Social Security Fund, recorded a 0.33% investment gain in 2022, down from 4.9% in 2021. The decrease in yield was attributed to global economic and political changes, as well as fluctuations in financial markets. China's stock benchmark CSI 300 lost 21.6% in 2022. The basic pension fund manages a total of 1.62 trillion yuan and has averaged a 5.4% gain since 2016. Additionally, the national social security fund reported a 5.07% loss for 2022.
Originally Published 2 years ago — by Reuters
CPP Investments, Canada's largest pension fund, has laid off at least five investment professionals at its Hong Kong office and put a hold on new investments in China, including direct investments and those in China-focused fund managers. The fund's decision comes amid China's faltering economic recovery, tensions with the West, and a challenging business climate for foreign firms. Other Canadian pension funds, such as Ontario Teachers' Pension Plan and Caisse de dépôt et placement du Québec, have also scaled back their investments in China. China currently accounts for 9.8% of CPP's total investments.
Originally Published 2 years ago — by The Pasadena Star-News
The personal information of about 769,000 retired California employees and other beneficiaries, including Social Security numbers, was among data stolen by Russian cybercriminals in the breach of a popular file-transfer application. The California Public Employees Retirement system blamed the breach on a third-party vendor that verifies deaths. The same vendor, PBI Research Services/Berwyn Group, also lost the personal data of at least 2.5 million Genworth Financial policyholders, including Social Security numbers, to the same criminal gang, according to the Fortune 500 insurer. The criminal gang behind the hack, known as Cl0p, is extorting victims, threatening to dump their data online if they don’t pay up.
Originally Published 2 years ago — by The Mercury News
The personal information of about 769,000 retired California employees and other beneficiaries, including Social Security numbers, was among data stolen by Russian cybercriminals in the breach of a popular file-transfer application. The California Public Employees Retirement system blamed the breach on a third-party vendor that verifies deaths. The same vendor, PBI Research Services/Berwyn Group, also lost the personal data of at least 2.5 million Genworth Financial policyholders, including Social Security numbers, to the same criminal gang, according to the Fortune 500 insurer. The criminal gang behind the hack, known as Cl0p, is extorting victims, threatening to dump their data online if they don’t pay up.
Originally Published 2 years ago — by Financial Times
Sweden's largest pension fund, Alecta, has fired its CEO, Magnus Billing, after the fund suffered significant losses from investments in US banks. The fund lost SEK 11bn ($1.2bn) in the first quarter of 2020, largely due to the impact of the Covid-19 pandemic on the US economy. Billing had been CEO of Alecta since 2016.
Originally Published 2 years ago — by Cointelegraph
Swedish pension fund Alecta, the fifth-largest shareholder in First Republic Bank, has sold its shares in the struggling American bank due to uncertainty about its future after being downgraded to junk status. Alecta took a loss of $728 million on the sale, on top of losses from the collapses of Silicon Valley Bank and Signature Bank. The pension fund's board is investigating its investment strategy, risk allocation, and mandate for asset management.
Originally Published 2 years ago — by Yahoo Finance
Alecta, Sweden's largest pension fund, is facing losses of almost $2 billion due to a failed investment strategy that made it one of the biggest shareholders in two collapsed US banks and another that's been caught up in the crisis. The losses have become clearer after the private pension group sold all of its First Republic Bank stake at a loss of 7.5 billion kronor ($728 million). The soured bets at Alecta have sparked an outcry in the Nordic country, as well as an internal investigation into its investment processes and a summons from the FSA.