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| Pensions & Investments | |
|---|---|
| Name | Pensions & Investments |
| Type | Financial publication / Industry topic |
| Founded | 1967 |
| Headquarters | Chicago |
| Language | English |
Pensions & Investments is a trade publication and industry topic covering defined benefit plans, defined contribution plans, pension fund management, and institutional asset management across global markets. It reports on fiduciary practice, hedge fund allocation, private equity commitments, and sovereign and corporate pension developments, connecting practitioners, trustees, consultants, and regulators across North America, Europe, and Asia. The title is associated with coverage of major institutions, transactions, litigation, fiduciary disputes, and policy debates involving public and private retirement systems.
The publication tracks major actors such as BlackRock, Vanguard Group, State Street, CalPERS, CalSTRS, Teachers Insurance and Annuity Association of America (TIAA), and Ontario Teachers' Pension Plan while reporting on events like the Global Financial Crisis and regulatory changes from bodies including the Securities and Exchange Commission, Financial Conduct Authority, European Central Bank, and International Monetary Fund. It examines investment trends tied to indices produced by MSCI, FTSE Russell, and Bloomberg L.P., and follows legal developments in venues such as the Supreme Court of the United States and the European Court of Justice. Coverage often touches firms like Goldman Sachs, JPMorgan Chase, Morgan Stanley, PIMCO, Bridgewater Associates, and KKR.
Coverage differentiates defined benefit plans, exemplified by Public Employees' Retirement System of Ohio, New York State Common Retirement Fund, and Municipal Employees' Retirement System of Michigan, from defined contribution plans such as 401(k), 403(b), and Individual Retirement Accounts managed by providers like Fidelity Investments, Charles Schwab Corporation, and T. Rowe Price. It addresses hybrid arrangements such as cash balance plans, multi-employer plans including the Teamsters Central States Pension Fund, and sovereign arrangements like the Norwegian Government Pension Fund Global and Government Pension Fund of Japan.
Analysis covers funded status, contribution policy, and asset allocation between equities, fixed income, and alternatives. It profiles strategies employed by Harvard Management Company, Yale University, Stanford Management Company, and Massachusetts Institute of Technology Investment Management Company (MITIMCo) with exposure to real estate investment trusts, infrastructure investment, private equity buyouts by Carlyle Group and Apollo Global Management, and real assets including commodities tied to Goldman Sachs Commodity Index. Discussions include liability-driven investment approaches used by UK Pension Protection Fund and Railways Pension Scheme, and the use of derivatives traded on venues like the Chicago Mercantile Exchange.
Articles examine trustee duties, fiduciary standards set by the Employee Retirement Income Security Act of 1974, enforcement by the Department of Labor (United States), and regulatory frameworks influenced by Dodd–Frank Act, Solvency II, and Basel III standards impacting bank and insurance counterparties. Governance case studies cite disputes at Ford Motor Company, General Motors, and public systems such as Los Angeles County Employees Retirement Association and New Jersey Division of Pensions and Benefits, and consider proxy voting stewardship promoted by Principles for Responsible Investment and shareholder activism by entities like Elliott Management Corporation.
The topic covers actuarial valuation methods, discount rate determination, mortality assumptions informed by research from Society of Actuaries and Human Mortality Database, and stress testing following scenarios used by International Association of Insurance Supervisors. It discusses asset-liability matching, stochastic modeling by firms like Willis Towers Watson and Mercer, longevity risk hedging via longevity swaps, and the role of reinsurance offered by firms such as Munich Re and Swiss Re. High-profile insolvency and rescue cases reference Pension Benefit Guaranty Corporation interventions.
Reporting tracks returns and flows across public markets in indices like the S&P 500, Russell 2000, and MSCI World, as well as private market performance in leveraged buyouts and venture capital rounds involving firms such as Sequoia Capital and Andreessen Horowitz. It analyzes fee compression driven by passive investing from Vanguard Group and BlackRock, the rise of ESG integration promoted by Task Force on Climate-related Financial Disclosures and UN Principles for Responsible Investment, and liquidity challenges seen during episodes like COVID-19 pandemic financial crisis.
Pension funding and reform debates intersect with public finance topics in contexts such as Greece government-debt crisis, Puerto Rico bankruptcy, and municipal cases like Detroit bankruptcy. Coverage examines implications for retirement security among workers in sectors represented by American Federation of Labor and Congress of Industrial Organizations and Service Employees International Union, intergenerational equity discussions involving baby boomers and millennials, and policy responses from legislatures including the United States Congress and national ministries such as the UK Department for Work and Pensions.