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Hawaii Employees moving bond managers to new risk-based allocation
trueHawaii Employees’ Retirement System, Honolulu, is in the process of transitioning its fixed-income managers to two of its four new risk-based categories.
Fitch: U.S. high-yield default rate ended 2014 at 2.4%
trueThe default rate for U.S. high-yield issuers ended 2014 at 2.4%, up from 1.5% a year ago, according to Fitch Ratings. The firm noted that it was the fifth straight year the default rate was below its 35-year average of 4.1%.
FRR seeks corporate bond managers to run $9.6 billion
trueFonds de Reserve pour les Retraites is searching for one or more managers to run a combined €8.5 billion ($9.6 billion) in euro- and U.S. dollar-denominated corporate bonds.
Alcentra hires head of Americas
trueJack Yang was named head of the Americas at Alcentra, a BNY Mellon investment boutique that specializes in subinvestment-grade corporate credit.
Damage of low rates
trueThe best thing that could be done for pension funds in 2015 is something they can't do themselves: increase interest rates.
Pension fund performance up on strong markets
trueAnother strong year for equity markets, coupled with the year's comeback in bonds, propelled the investment returns for pension funds in seven major markets in 2014.
Harvest Global CEO: Chinese managers must use “window of opportunity” to set stage for long-term growth
truePeng Wah Choy, the vice chairman and CEO of Hong Kong-based Harvest Global Investments Ltd., has high hopes that his parent company, Beijing-based Harvest Fund Management Co. Ltd., will emerge from the rapid ongoing opening of China’s capital markets as one of the local Chinese managers best ...
T. Rowe Price's head of fixed income joins Capital Group
trueMichael Gitlin was named partner and head of fixed income at Capital Group, effective this spring.
Managers surprised by scope of ECB's bond-buying program
trueThe European Central Bank announced it will begin €60 billion ($69.4 billion) of public and private debt purchases per month as part of a quantitative easing strategy, in what money managers said was a surprise move in terms of size and one that is expected to further weaken the euro and spark ...
Cat bond issuance up 13% in 2014
trueCatastrophe bond issuance (non-life) totaled $8.1 billion last year, breaking the record set in 2007 when $7.2 billion in cat bonds were issued, according to data released Friday by Willis. The total in 2014 was 14.1% higher than the $7.1 billion of issuances in 2013.
Forecasting capital calls proves challenging for pension funds
trueA CalPERS-sponsored study on treasury management finds that only 38% of pension funds responding said they are confident in their ability to accurately forecast cash needs for private investments beyond 30 days.
IACPM: Credit default concerns improve, but overall view still pessimistic
trueCredit portfolio managers remain pessimistic on credit defaults over the next 12 months, but they are mixed about credit spreads over the next three months, said a quarterly survey from the International Association of Credit Portfolio Managers.
Taiwan's BLF seeks global equity, credit managers to run $4.35 billion
trueTaiwan's Bureau of Labor Funds is searching for global equity index and global credit managers to run a total of approximately $4.35 billion.
Morgan Stanley Investment Management hires global fixed-income managing director
trueGreg Finck was named managing director, portfolio manager and head of the securitized team for global fixed income at Morgan Stanley Investment Management.
Dodge & Cox grows on performance, PIMCO flow
trueDodge & Cox is on a roll. Assets under management at the San Francisco-based firm reached $270 billion as of Dec. 31, the highest in its 84-year history, company data show.