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Special Report on

Pension Risk Matters

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journalist Debra Erdley, I pointed out the folly of relying solely on point in time actuarial numbers. As I state (below), no single metric is a substitute for a robust risk management process. Susan Mangiero, CEO of Investment Governance, Inc., a group that advises pensions on best practices and risk management, said pension reports can be misleading - even when numbers are quoted accurately. "A one-point-in-time number is not very helpful. It says nothing about the riskiness of the investment portfolio. It says nothing about whether there is good due diligence in place - the vetting of the consultants, asset managers and ...
is a concrete metric that detects valuation bias or deliberate price manipulation of portfolio assets by a manager of a hedge fund, mutual fund or similar investment vehicle, without requiring disclosure (transparency) of the actual holdings. This metric measures abnormalities in the distribution of returns that indicate subjective pricing. The formulation of the Bias Ratio stems from an insight into the behavior of asset managers as they address the expectations of investors with the valuation of assets that determine their performance. The bias ratio measures how far the returns from an investment portfolio - e.g. one managed by a
Pension Risk Matters Blog Is Even More Relevant In Its Fourth Year
Four years ago, valuation and risk professional Susan Mangiero, CFA, FRM launched the first blog devoted exclusively to the topic of pension risk and fiduciary implications. The blog ( ) serves as a resource for trustees, board members, actuaries, auditors, consultants, money managers, attorneys and regulators who want to explore important ideas about pension risk issues and best practices. According to Dr. Mangiero, CEO of Investment Governance, Inc., “The need for independent discourse about investment best practices is more relevant now than even four years ago when I created ... market research, surveys and trends
There's Just One Little Problem About That $725 Million AIG ...
this past Friday that he had entered a massive $725 million settlement on behalf of three Ohio pension funds in the long standing securities class action lawsuit against AIG, he definitely accomplished his objective –his announcement made the front pages of all the newspapers in Ohio (it was the lead story in Saturday’s Cleveland Plain Dealer ).   There is only one problem. AIG doesn’t have the money to pay for the settlement. The plan, such as it is, is that AIG is going to fund the first $175 million following the settlement’s preliminary approval. Then, AIG is going to try to conduct a stock ... market research, surveys and trends


Retirement : Pension Risk Matters
to answer a short survey of six questions. The survey is identical to one we ran a few years ago with one exception. This time, we added a question about whether corporate and government leaders should receive generous pension packages during hard economic times. I will post results to this blog in a few weeks. To refresh your memory, the results of the original survey are shown below. Sixty-two (62) percent of respondents said there is a pension crisis looming. When asked who was responsible for the crisis, board members (32%), chief executive officers (30%), governors and other state officials (27%), pension consultants (24%), ... industry trends, business articles and survey research
Pension Risk Matters SM
We hope you enjoy the improved functionality. If you currently have us included as part of your RSS (Really Simple Syndication) feed (and we hope you do), please don't forget to change the URL. Otherwise, you will no longer receive new feeds and it will look like we've stopped adding items to our blog. Nothing is further from the truth. We have lots more to say! Let me share some history with you. When we started the blog last year, we used to build a customized blog template. We hosted the resulting blog on our sister company's website. Until last week, when you typed , the ... industry trends, business articles and survey research
PNC Reports Strong Second Quarter Net Income of $803 Million
today reported net income of $803 million, or $1.47 per diluted common share, for the second quarter of 2010 compared with net income of $671 million, or $.66 per diluted common share, for the first quarter of 2010 and net income of $207 million, or $.14 per diluted common share, for the second quarter of 2009. The company earned net income of $1.5 billion, or $2.15 per diluted common share, for the first six months of 2010 compared with $737 million, or $1.16 per diluted common share, for the first six months of 2009. "PNC reported strong second quarter financial results reflecting revenue growth, well-managed expenses and ... market trends, news research and surveys resources
Where do we go from here? The outlook for the second half of 2010
A: Based on forward P/E ratios, the market looks quite compelling at current levels. Unfortunately, we don’t think current earnings estimates are likely to be realized given the weakening trajectory of global economic growth. Instead, earnings estimates are likely to spend the second half of the year being steadily revised downward. Credit markets are also likely to play a larger role in determining fair value until the situations in Europe, the housing market, and commercial real estate improve. Q: Where do you think there is value in the market given your take on valuations? A: Despite our concerns about the domestic ... market trends, news research and surveys resources


Jan 26, 2009 ... Contact: Toni L. Griffin / Joseph Madden. (727) 862-7006 / (212) 578-3021 / Katherine Kilpatrick ... technology research, surveys study and trend statistics
Should Risky Firms Offer Risk-Free DB Pensions?
Note that from the insurer's perspective, company risk only matters if the pension is either underfunded or invested in risky assets so that around the ... technology research, surveys study and trend statistics
Idiosyncratic Risk Matters!
Idiosyncratic Risk Matters! AMIT GOYAL and PEDRO SANTA-CLARAn. ABSTRACT .... of their pension plans in the stock of the company they work for. ...
WikiAnswers - What type of risk occurs because the government ...
There is always a risk that a government could pass laws that would affect an investment. In fact, most laws have some bearing on financial matters to a greater or lesser extent. The word 'investment' is often understood as being the purchase of stocks and shares, i.e. investing on the stock market. But there are other types of investments, e.g. starting a new business in the hope of making profits buying some land or capital asset in the expectation of an increase in asset values, over time, in excess of inflation. Types of legislation that would affect an investment: Changes in tax regimes relating to investments, ...
Accounting, Payroll & Pension Issues: defaulted loan, pension ...
I am the executor of my late psychiatrist, father-in-law's estate. He made the mistake of loaning in 1994 the entire amount of his pension plan, both a money purchase and profit sharing plans (about $330,000), to one of his ex-patients as an investment in one of that patient's lawsuits. I should state that this is a single participant plan. The original notes were termed for one year at 15% then renewed for another year at the same rate. They were secured by a deed of trust on a commercial property worth approximately the same amount as the principal loaned. No interest payments were ever made back to the pension trust ...