Louisiana Teachers assigns $1.4 billion to emerging markets equities
Pension fund also rehires Aon as consultant, slates $175 million for alts
Franklin Templeton and
William Blair & Co. to manage about $700 million each in active emerging markets equities, said Dana T. Brown, director of public markets.
The $24.5 billion pension fund issued a solicitation for proposals in February due to the pending expiration of the contracts of value equity manager Dimensional Fund Advisors and growth manager Harding Loevner.
Both managers rebid for the services. Franklin Templeton will manage a value portfolio, and William Blair will run a growth portfolio.
Growth manager Columbia Threadneedle Investments and value manager Wells Fargo Asset Management were the other finalists.
District Court says Aon ‘acted prudently,’ rules in firm’s favor in fiduciary suit
Bloomberg
A U.S. District Court judge in Ocala, Fla., ruled in favor of Aon Investments USA in a fiduciary breach lawsuit filed by Foundation Resolution Corp., Inverness, Fla., alleging mismanagement of the company s pension plan termination.
The company, formerly known as the Citrus Memorial Health Foundation, filed the lawsuit in August 2018 alleging the investment consultant, then known as Aon Hewitt Investment Consulting, mismanaged the liability-driven investing process intended to bring the $94 million pension plan to full funded status to allow for termination.
In his April 22 decision, Judge James S. Moody Jr. ruled that Aon acted prudently and reasonable in administrating, investing and terminating the pension plan, a court filing said.
Milwaukee County Employees sticks with Marquette as investment consultant
Marquette Associates as investment consultant, said Erika Bronikowski, director, retirement plan services.
The $1.7 billion pension fund issued an RFP in November due to the impending expiration of Marquette s contract.
The other finalists were Aon Investments USA and Callan.
As of Jan. 31, the pension fund s actual allocation was 23.3% domestic equities, 18.5% fixed income, 15.3% international equities, 13.8% private equity, 10% infrastructure, 8.9% real estate, 8.4% hedged equity and 1.8% cash equivalents.
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Claims Against Astellas, Aon Move Forward in Untested CITs Lawsuit
A judge found that allegations were sufficient to deny most motions to dismiss filed by the plan sponsor and the investment manager.
Reported by
A federal judge has moved forward claims in an Employee Retirement Income Security Act (ERISA) lawsuit against pharmaceutical product manufacturing company Astellas US LLC, its board of directors and its retirement plan administrative committee, as well as the plan’s discretionary investment manager, Aon Hewitt Investment Consulting.
The plaintiffs allege that instead of acting in the exclusive best interest of participants, Aon Hewitt, now known as Aon Investments USA, acted in its own interest by causing the plan to invest in Aon’s proprietary collective investment trusts (CITs) for Aon’s benefit. The Astellas defendants are also accused of failing to use the plan’s bargaining power to negotiate reasonable fees for investment management services.