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Single-Employer Plans Not Forgotten in New March 22, 2021 PIonline.com $16 an issue / $350 a year The International Newspaper of Money Management Washington Single-employer plans James Kegley not forgotten in new law $86 billion from stimulus funds Those measures are also expected to give the U.S. economy a much-needed boost. heading to multiemployer plans The Democratic majority in Congress, moving the package largely without Republican support, By HAZEL BRADFORD also helped struggling multiemployer pension funds. After a multiyear effort to enact structural While multiemployer pension provisions in the reforms fell short, now the most at-risk plans have American Rescue Plan Act of 2021 got more atten- $86 billion in federal assistance grants to pay ben- tion, relief for single-employer plans will be more efits, if they can show the grants will help them sur- significant and long-lasting, sponsor advocates say. vive for 30 years. The ambitious $1.9 trillion COVID-19 relief For single-employer pension plans, the pension package signed by President Joe Biden March 11 funding relief in the American Rescue Plan grabbed has several goals to help the country recover from few if any headlines, but “is very welcome,” said the pandemic, from ramping up vaccinations to Dennis Simmons, executive director for the Com- helping people impacted by the economic fallout. SEE RESCUE ON PAGE 29 TIP OF THE HAT: Dennis Simmons cited pension funding relief in the law as ‘very welcome.’ Investing Emerging passive investing risks a new concern By SOPHIE BAKER aware of (that) is under the RISKY? Craig Baker said his firm bonnet of their passive portfo- believes it might be time to take a Investment consultants around the globe lio?” said Andrew Peach, head look at ESG and concentration issues. are asking their pension fund clients to of factor investing at Aon PLC think carefully about two very real concerns in St. Albans, England. Executives at the £6.8 billion that have emerged in passive investing: Willis Towers Watson PLC ($9.4 billion) Nationwide Pen- ESG-related and concentration risks. also thinks it’s time for passive sion Fund, Swindon, England, Some pension fund clients have heeded investors to rethink whether are looking to take action on ESG NO SINGLE PATH: Elena Lieskovska sees several their advice, reconsidering whether they they might want to go active or concerns. They’re set to submit a different kinds of approaches with the linkups. should be implementing some kind of ESG move to an index “that doesn’t proposal to trustees this month, tilt to their benchmarks and in other cases, suffer quite so much” from con- proposing to move 25% of the Money Management looking to take portions of the allocation to centration, and environmental, social and pension fund’s passively managed equities an active manager instead. governance issues, said Craig Baker, global portfolio into a passive ESG index. If ap- “We are … having exactly these conversa- chief investment officer in London, on a Feb. proved, the transition would begin in April. A perfect match: tions: How much of this risk are people even 9 virtual investment briefing. SEE PASSIVE ON PAGE 29 Alternative firms Courts join with insurers PIMCO discrimination By ARLEEN JACOBIUS suits no trouble so far Apollo Global Management Inc.’s recent announcement that it would merge with in- NEPC puts firm on watch while others wait surance company Athene Holdings Ltd. is for further clarity before making any decision just the latest example in a flurry of the mergers, acquisitions and strategic relation- ships struck between alternative invest- By CHRISTINE WILLIAMSON ment firms and insurance companies. Money managers say the moves produce Pacific Investment Management Co. has been in the spotlight a perfect match, adding a big influx of per- since November after a lawsuit was filed by current and former manent capital to their assets under man- female employees alleging gender and pay discrimination, sex- agement. The combinations also provide ual harassment and other employment issues, but despite the new, major clients that are part of an esti- buzz, asset owners are staying on the sidelines for now. mated $23 trillion insurance industry, help- PIMCO categorically denied the allegations in a response to ing managers to diversify their limited part- the plaintiffs’ lawsuit in a court filing on March 10. ner base and, in some cases, seed new funds Since the lawsuit was filed, P&I’s reporting hasn’t shown as well as existing strategies. any terminations of PIMCO by institutional investors, who say SEE INSURANCE ON PAGE 30 they are monitoring the dispute. Newport Beach, Calif.-based CATEGORICAL DENIAL: PIMCO officials in a March 10 filing rejected the allegations. PIMCO managed $2.21 trillion as | SEE PIMCO ON PAGE 34 SOUND BITE All about P&I’s Eddy Awards Detail, quick innovation are common CALPERS’ MARCIE FROST: The challenge with winning themes for sponsors. Page 3 recruiting is ‘the complex nature of our portfolio. Who won this year’s Eddy Awards? Page 17 And it’s a very public environment ... There is How the pandemic has affected women not anything we can do with that.’ Page 6 and plan administration. Pages 18 & 19 Where’s Eddy? Winners show us. Page 19 2 | March 22, 2021 Pensions & Investments IN THIS ISSUE Regulation VOLUME 49, NUMBER 6 Alternatives Investors want more from Biden White House Apollo Global Management leaned heavily that went into effect executive order on his on capital from its limited partners as Rejection of Trump-era rules just days before the first day in office order- it expanded its relationship with Athene good start, but further action Biden administration ing a review of the rule. Holding. Page 31 took office. Stakehold- The other rule — “Fi- wanted before changes begin ers fear the rules duciary Duties Regard- Exchange-traded funds would cause a chilling ing Proxy Voting and Cryptocurrency exchange-traded funds By BRIAN CROCE effect on environmen- Shareholder Rights” — are coming to America, and a U.S.-listed tal, social and gover- outlines the process a product could send a shock wave through Institutional investors welcomed news nance investments. fiduciary must under- the investing world. Page 15 earlier this month that the Department of The first, called “Fi- take when making de- Labor wouldn’t be enforcing two high-pro- nancial Factors in Se- cisions on casting a In memoriam file rules promulgated during the Trump lecting Plan Invest- proxy vote. It under- administration for ERISA fiduciaries on se- ments,” stipulates that scores that fiduciaries Richard H. Driehaus, founder and chairman lecting investments and exercising voting ERISA plan fiduciaries are not required to vote of money manager Driehaus Capital rights, but will want to see more from the cannot invest in “non- every proxy and notes Management and longtime philanthropist, Biden administration before changing pecuniary” vehicles that they must act sole- has died at age 78. Page 6 course, sources said. that sacrifice invest- ly in accordance with “I don’t think floodgates are going to ment returns or take NOT YET: Elizabeth S. Goldberg thinks plan the economic interest Investing open because I think people are still in a on additional risk. It’s fiduciaries are holding off on changes until of the plan and main- High-yield managers are set to focus on wait-and-see mode in regard to what the often referred to as the they see more from the Biden administration. tain records on proxy short-duration corporate bonds to avoid Biden administration is going to do beyond “ESG rule” because the voting activities and its non-enforcement policy,” said Elizabeth initial proposal, which was unveiled in June, other exercises of shareholder rights. interest rate risk this year. Page 32 S. Goldberg, a Pittsburgh-based partner focused on ESG investment factors, but the “These rules have created a perception with law firm Morgan, Lewis & Bockius LLP. final rule walked back the ESG language. It that fiduciaries are at risk if they include Money management The non-enforcement policy pertains to was finalized in November and took effect any environmental, social and governance CI Financial is on an acquisition spree, two rules — which remain on the books — Jan. 12, but President Joe Biden signed an SEE ESG RULES ON PAGE 35 having scooped up 16 U.S. wealth managers in little more than a year, with Investing more to come. Page 4 Credit Suisse will split out its asset management division with a new CEO, Managers preparing for major bond bonanza following the fallout from its relationship with Greensill Capital. Page 31 Firms position to benefit when mentum is positive for corporate deleverag- ing. ... That’s gone through the pendulum Pension funds high-yield issues are upgraded swing very far down to the downgrade side CalPERS has suspended its search for a Chris Hamilton (when) institutions were deteriorating in chief investment officer and will take another By SOPHIE BAKER and terms of credit quality last year,” and now the run at filling the job in June. Page 6 PAULINA PIELICHATA opposite is true, he said. The firm had $296.4 billion in fixed-income assets under manage- Departments Investment-grade bond managers are la- ment as of Dec. 31. beling 2021 and 2022 as the years of the up- Vontobel Asset Management AG’s fixed- At deadline ....................32 Editorial ........................10 grade, with a bonanza of high-yield compa- income team expects $200 billion to $300 bil- By the numbers ..............14 ETFs ..............................15 Changes ahead ..............35 Frontlines ........................8 nies set to climb up the credit scale. lion of U.S.-based high-yield debt to be up- Classified ......................28 Hirings...........................26 In anticipation of ratings agencies upgrad- graded to investment-grade status by the end Corrections ......................4 Other views ....................10 ing up to $100 billion in high-yield companies’ of next year, with about €50 billion ($59.6 bil- DC roundup ...................12 RFPs .............................28 bonds to investment-grade status this year, lion) for Europe over the same period.
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