Warren Buffet names successor, while investment solutions firm makes senior leadership changes
Berkshire Hathaway
World famous investor Warren Buffett has named Berkshire Hathaway’s vice-chairman Greg Abel as his successor for the top job.
Abel has served as vice-chairman since 2018, overseeing the firm’s non-insurance business.
But, at 90 years old, Buffet has no intention to step down.
“The directors are in agreement that if something were to happen to me tonight, it would be Greg who’d take over tomorrow morning,” he told American news outlet CNBC.
Russell Investments
The global investment solutions firm has made a few changes to its senior leadership.
Russell Investments appoints global CIO and president
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Kate El-Hillow and Kevin Klingert join firm
Kate El-Hillow joins the firm from Goldman Sachs Asset Management
Russell Investments has appointed Kate El-Hillow as global chief investment officer and Kevin Klingert as president, both reporting to chair and CEO Michelle Seitz.
In her new role, El-Hillow will oversee all aspects of the firm s investment division, including portfolio management, implementation and research.
The Covid-19 pandemic didn’t hit all U.S. public pensions funds equally.
Funds that were in the best financial health at the start of the pandemic took the hardest hit to their funded statuses over the course of the past year but they’ve also benefitted most from the speedy recovery over the past 12 months, according to Goldman Sachs Asset Management’s public pension fund report for the first quarter of 2021.
The report, which is based on a performance sample of 99 public plans representing approximately $3 trillion of assets under management, found that a majority of the pensions experienced funded status declines of 10.1 to 12.5 percent in March 2020. Retirement plans which were well funded to begin with at over 90 percent funded experienced the largest decline in funded statuses from December 2019 to March 2020. Meanwhile, pensions that started off the pandemic with funding ratios below 70 percent experienced a single-digit median decline in funded status.
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Russell Investments, owned by private equity firms TA Associates and Reverence Capital Partners, has hired a new global chief investment officer as well as president, marking the second time in three years that the firm has shuffled its senior leadership team.
The investment services and outsourced CIO firm has tapped Goldman Sachs s Kate El-Hillow as global CIO and J.P. Morgan mutual fund trustee Kevin Klingert as president.
Pete Gunning, who stepped in as Russell’s CIO in October 2018 after Jeff Hussey left the firm, will stay on in a newly created role as vice chairman and strategic relationships officer. Gunning had been CIO before Hussey s five-year tenure in the post.