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Tag: pension

Fisher Investments outflows surpass $2.5 billion as Los Angeles pension departs

Fisher Investments outflows surpass $2.5 billion as Los Angeles pension departs

Finance
The Los Angeles Fire and Police Pension System voted on Thursday to fire Fisher Investments, pulling about $ 522 million from the money manager.The nine-member board of commissioners voted in favor of terminating the relationship with the Camas, Washington-based firm, following lewd comments Ken Fisher had made at an investment conference on Oct. 8.The Los Angeles pension has $ 24 billion in total assets.The board of commissioners said they had invited Fisher himself to speak at the meeting, which was webcast live, but he did not attend."The only explanation is that Mr. Fisher was unable to attend and had business in the office," Ray Ciranna, general manager of the Los Angeles Fire and Police Pension System, wrote in an email to CNBC.In total, Fisher Investments has lost more than $ 2.5 bi...
Ken Fisher fallout: Which pension plans have pulled out and which have stayed

Ken Fisher fallout: Which pension plans have pulled out and which have stayed

Finance
Kenneth Fisher, chief executive officer of Fisher Investments, speaks at the Forbes Global CEO Conference in Sydney, Australia, on Tuesday, Sept. 28, 2010.Gillianne Tedder | Bloomberg | Getty ImagesIt remains to be seen how long other clients will stick with billionaire money manager Ken Fisher in the wake of off-color and sexist comments he recently made at an investing conference.The Iowa Public Employees Retirement System on Friday notified the firm it would end its contract. Fisher Investments oversees $ 386 million of the IPERS $ 34 billion trust fund.More than $ 1.2 billion public pension assets have left Camas, Washington-based Fisher Investments so far, including the Boston Retirement System with $ 248 million in assets and $ 600 million the State of Michigan says it's withdrawing....
Fisher Investments pension losses hit $1.3 billion as Iowa yanks $386 million

Fisher Investments pension losses hit $1.3 billion as Iowa yanks $386 million

Finance
Kenneth Fisher, chief executive officer of Fisher Investments, speaks at the Forbes Global CEO Conference in Sydney, Australia, on Tuesday, Sept. 28, 2010.Gillianne Tedder | Bloomberg | Getty ImagesThe Iowa Public Employees Retirement System is terminating its relationship with Fisher Investments, pulling $ 386 million from the asset manager.The Iowa plan, which holds $ 34 billion in total assets, announced its move on Friday and attributed its decision to sexist comments Ken Fisher, the billionaire founder of the firm, made at an investment conference last week.The losses in pension assets for Fisher Investments is now about $ 1.3 billion."IPERS staff has taken time to evaluate this situation, and it is our opinion that Mr. Fisher's comments have damaged the credibility of the firm and it...
Defeat for women in state pension age challenge

Defeat for women in state pension age challenge

Business
Media playback is unsupported on your device Campaigners have lost a significant legal battle against the government's handling of the rise in women's state pension age.The retirement age for women rose from 60 to 65, in line with men, and will go up to 66 by 2020, and to 67 by 2028.Women born in the 1950s claim the rise is unfair because they were not given enough time to make adjustments to cope with years without a state pension.They argued the changes were discrimination, but judges disagreed. The fight over women's state pensions State pension age to rise to 68 In a summary of the court's decision, the judges said: "There was no direct discrimination on grounds of sex, because this legislation does not treat women less favourably than men...
Thomas Cook trustees plot to salvage pension payouts

Thomas Cook trustees plot to salvage pension payouts

Business
Thomas Cook’s pension funds have kicked off talks with specialist insurers about a deal to salvage the collapsed travel group’s retirement scheme benefits.Sky News has learnt that Steve Southern, chair of the trustees, is holding talks with several parties about a buyout deal that would avoid most of Thomas Cook's 14,000 pension scheme members facing a steep cut to their payments. Any deal with an insurer would be likely to involve a more modest cut to payouts than the 10% triggered by a pension scheme's transfer into the Pension Protection Fund (PPF) lifeboat.The discussions are at a very preliminary stage and - even if successful - will not result in a deal until after the Thomas Cook schemes have been through an assessment by the PPF.