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Ireland's NPRF terminates SSgA from passive equities after transition management fine
trueNational Pensions Reserve Fund, Dublin, has terminated State Street Global Advisors Ireland from a passive equity allocation, a week after an affiliated part of the State Street group was fined for overcharging in its transitions management business.
2013 drop portends transition management shift
trueTransition managers' assets from U.S. pension funds declined 10% to 15% in 2013 as those clients managed more traditional investments internally, reduced the amount that's rebalanced, and increased their allocations to alternative investments.
State Street fined in U.K. for overcharging transition clients
trueThe U.K.'s Financial Conduct Authority has fined State Street U.K. £22.9 million ($37.7 million) for deliberately overcharging six transition management clients between June 2010 and September 2011, to the sum of $20.2 million, according to an FCA statement.
Texas Prepaid Higher Education Tuition Board wants transition managers
trueTexas Prepaid Higher Education Tuition Board, Austin, is searching for transition managers for its Texas Guaranteed Tuition Plan.
France's FRR hires 2 for ESG, adds 3 to transition manager roster
trueFonds de Reserve pour les Retraites hired BNP Paribas Asset Management and Kleinwort Benson Investors to manage €150 million ($203 million) each in environmental, social and governance investments.
Merseyside Pension Fund looks for transition managers
trueMerseyside Pension Fund, Liverpool, England, is searching for transition managers for the £5.8 billion ($9.3 billion) pension fund.
Texas Muni lassos Russell, Citi and BlackRock for transition management
trueTexas Municipal Retirement System hired Russell Investments, Citi and BlackRock as transition managers.
Stanislaus County pension fund opens search for global custodian
trueStanislaus County Employees' Retirement Association, Modesto, Calif., is searching for a global custodian, confirmed Kathy Herman, operations manager.
Exits change transition management landscape
trueTransparency will be key to transition management service providers gaining business following the exit of two competitors.
Transition managers' exits have clients on lookout
trueJ.P. Morgan Chase & Co. is closing its global transition management business and Credit Suisse Group is shutting its U.S. business, reflecting what consultants and others say is the difficulty of maintaining adequate profitability in an increasingly tight regulatory environment.
Illinois Teachers to begin process to replace transition managers
trueIllinois Teachers' Retirement System, Springfield, will go back to the list of transition managers used in a 2012 search and will “refresh the RFIs” to find replacements for Credit Suisse Asset Management and J.P. Morgan Asset Management.
Montgomery County Employees signs transition manager
trueMontgomery County Employees’ Retirement System, Norristown, Pa., hired Northern Trust Corp. as transition manager.
New York State Deferred Comp sticks with BlackRock as cash, transition manager
trueNew York State Deferred Compensation Plan rehired BlackRock as cash manager and transition manager.
Texas Municipal starts shortlist search for transition managers
trueTexas Municipal Retirement System is conducting a shortlist search for its first transition managers.
Montgomery County Employees searches for transition manager
trueMontgomery County Employees' Retirement System, Norristown, Pa., is searching for at least one transition manager.