Word: pension
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...government-sponsored industry group, the President's Working Group on Financial Markets, is also preparing a set of voluntary hedge-fund guidelines. "Regulation can be a blunt instrument," says Russell Read, chief investment officer for the California Public Employees' Retirement System (CalPERS), a $240 billion California pension fund that invests in hedge funds. "We think investors and hedge-fund managers themselves will have the best and hopefully the highest impact" in improving the industry's practices, says Read, who is chairman of the Working Group's investor committee...
...fallout from the summer's subprime mess may go beyond unwanted government attention, however. Hedge funds posted losses averaging 1.32% in August, according to HFR data, a setback that appears to have at least temporarily dented the confidence of the big banks, insurance companies and pension funds that are the main hedge-fund investors. The flow of new money into the industry, which had gushed all year, fell sharply, by more than a fifth, in the third quarter. It was as if investors, spoiled by years of strong profits, took a step back to reconsider their situation. "Most likely...
...Public discomfort over Sarkozy's raise may be accentuated by its timing. In just three weeks, the nation is set to undergo strikes potentially more paralyzing than those in October protesting cutbacks in certain public sector pension regimes. Union leaders have jumped on Sarkozy's pay hike to highlight what they call the President's reformist hypocrisy: clarifying and normalizing governmental pay scales by lifting them, while harmonizing public and private sector pension plans by scaling those downward. "There's a feeling the political class is helping itself while the French people are left on the sidewalk to fend...
...government and its backers say they'll do whatever necessary to make France's overburdened, underfinanced pension system viable. Some observers worry that the polarizing split within French society that a drawn-out conflict would result in makes reaching compromise over pension reform critical...
...reforms the transport unions are opposing includes extending the time required to have worked on a job to qualify for a full pension from 37.5 years to 40. That would largely bring public sector pension requisites into line with those governing the private sector. Unions, however, note that even the accords signed in 2003 are up for review next spring, and many expect the private sector time requirements will lengthen further...