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VIX futures flatten after wild ride
trueThe VIX fell 25.8% this week as volatility appeared to recede from U.S. equity markets. The S&P 500 gained 3.2% this week and has risen 5.5% since bottoming on Oct. 15. The VIX eclipsed 30 on an intraday basis on Oct. 15 and has steadily fallen since, to 16.35 at the close of markets Friday.
Stamford Firefighters taps Glovista for emerging markets equities
trueStamford (Conn.) Firefighters’ Pension Fund hired Glovista Investments to manage $7 million in active emerging markets equities, said John Beirne Jr., founder and chief investment officer of Beirne Wealth Consulting, the pension fund's investment consultant.
Canadian pension funds return 1.1% in quarter on foreign currency gains
trueCanadian defined benefit plans in the RBC Investor & Treasury Services universe returned 1.1% in the third quarter and 8.6% for the first nine months of 2014.
BNP Paribas hires equities director for institutional business
trueGuy Davies joined BNP Paribas Investment Partners as director-equities in its institutional business unit.
San Jose Police & Fire moves away from international small cap
trueSan Jose (Calif.) Police & Fire Department Retirement Plan approved transferring $245 million to a different Northern Trust Asset Management passive strategy to reduce the plan’s exposure to international small-cap equity and increase exposure to international large-cap equity.
McKnight Foundation hires Mellon for carbon efficiency strategy
trueMcKnight Foundation, Minneapolis, hired Mellon Capital Management to run $100 million in a U.S. equity carbon efficiency strategy.
LACERS preps asset-liability study
trueLos Angeles City Employees’ Retirement System expects to launch an asset-liability study next winter, minutes of the Sept. 23 board meeting show.
Ormond Beach pension plans hire Apex for smidcap growth
trueOrmond Beach (Fla.) General, Police & Fire Pension Plans hired Apex Capital Management to run $5 million in active domestic smidcap growth equities, said Kelly A. McGuire, the city’s finance director.
Long bond yield continues to slide
trueThe yield on 30-year U.S. Treasuries continued to slide Wednesday, hitting an intraday low of 2.67% (a level not seen since August 2012) before rebounding to 2.84%.
Miramar Firefighters signs PNC for small-cap equity
trueMiramar (Fla.) Firefighters’ Pension Fund hired PNC Capital Advisors to manage about $5 million in active domestic small-cap core equities, said William Dahab, principal and director of research at Dahab Associates, the $99 million pension fund’s investment consultant.
U.S. investors not buying European equity pitch
trueMoney managers, consultants and economists are growing increasingly positive on the case for European equities, citing relatively cheap valuations and further expected moves by the European Central Bank to boost the economy.
Look beyond macro story to find equity returns in frontier markets
trueFrontier markets typically are underdeveloped, with strong prospects for growth and capital market expansion.
Risk of star dependence
trueThe departure of William H. Gross from Pacific Investment Management Co. LLC leaves money management companies and institutional fiduciary clients alike wondering whether they should encourage the star system or a team approach to managing money.
Cambridge Global Asset Management elevates portfolio manager to co-CIO
trueBrandon Snow was promoted to principal and co-chief investment officer at Cambridge Global Asset Management, effective immediately, said Neal Kerr, senior vice president, investment management, at parent company CI Investments.
Gross: 8%-9% returns 'going to be difficult to achieve' for pension funds
trueWilliam H. Gross on Thursday said investors need to say “bye-bye” to the days of historically high returns, and target returns of as much as 9% for pension funds are “going to be difficult to achieve, especially with rates where they are now.”