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Search resuls for: "Heather Gillers"


5 mentions found


☆ U.S. Pensions Take a Fresh Look at China
  + stars: | 2022-10-29 | by ( Heather Gillers | Michelle Chan | ) www.wsj.com   time to read: 1 min
The California State Teachers’ Retirement System, based in West Sacramento, began searching in August for dedicated China stock managers. U.S. public pension funds are splintering in their approach to China, reflecting rising investment risks and the increasingly fractious politics of the two largest global economies. Retirement-plan officials are staking out a range of positions. California’s teacher-pension fund launched in late August a search for its first dedicated China stock managers, while Texas’ teachers retirement fund is cutting its China stock allocation by half. Florida’s public-worker fund earlier this year halted new investment strategies in China, citing past crackdowns on education and tech companies.
☆ Private Lending Takes Root in Muni Market
  + stars: | 2022-10-26 | by ( Heather Gillers | ) www.wsj.com   time to read: 1 min
Banks typically buy tax- or fee-backed debt from small school districts or towns in quantities that can be as little as a few million dollars. A pandemic surge in privately sold municipal bonds is highlighting how private deals have become a mainstay of the $4 trillion market for state and local debt—and a go-to in times of stress. During the three months ended in May 2020, the amount of municipal debt sold privately spiked to 13.4%, the highest share in 13 years on record, according to a report this week by the Municipal Securities Rulemaking Board. It has since retreated to about 8%, or around $36 billion—up from 4% in 2012 but in line with its average for the past decade, according to data from the board and Refinitiv.
☆ U.S.-Based Pensions Rush to Assess Interest-Rate Risk
  + stars: | 2022-10-18 | by ( Heather Gillers | ) www.wsj.com   time to read: 1 min
General Electric, with operations including a gas-turbine plant in South Carolina, uses derivatives to hedge risks in the company’s pension portfolio. David Eisenberg got a call this month from a finance official at a U.S.-based multinational company. The executive wanted to know whether the company had derivatives in its retirement portfolio. “We explained that they don’t,” said Mr. Eisenberg, an investment adviser with Buck, a New York-based pension-actuary and human-resources consulting firm. “They were worried that if they were using derivatives they were exposed to risk.”
☆ Pensions Brace for Private-Equity Losses
  + stars: | 2022-09-24 | by ( Heather Gillers | Dion Rabouin | ) www.wsj.com   time to read: 1 min
Public pension funds are already reporting big losses in 2022. Things are likely to get uglier. That is because the funds, which manage around $5 trillion in retirement savings for the nation’s teachers, firefighters and other public workers, haven’t yet factored in second-quarter returns on private equity and other illiquid investments.
☆ Calpers’ Investment Chief Highlights Lagging Returns, ‘Lost Decade’ for Private Equity
  + stars: | 2022-09-20 | by ( Heather Gillers | ) www.wsj.com   time to read: 1 min
Calpers put $5 billion or less in new money into private equity every year between 2009 and 2018. The nation’s largest pension fund got a scathing performance review Monday when its new investment chief highlighted the retirement system’s underperforming returns and estimated it missed out on $11 billion in gains during a “lost decade” for private equity. The unusually candid presentation to board members of the California Public Employees’ Retirement System, known as Calpers, showed returns lagging behind other large pensions in almost every asset class during the past 10 years, with private equity trailing the most, 1.3 percentage points.
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