Author Archives: Leo Kolivakis

Submitted by Leo Kolivakis, publisher of Pension Pulse. Morneau Sobeco released the results of its Performance Universe of Pension Managers’ Pooled Funds for the first quarter of 2009: According to the report, in the first quarter of 2009, diversified pooled fund managers posted a median return of -2.2% before management fees. According to Jean Bergeron, […]

Submitted by Leo Kolivakis, publisher of Pension Pulse. I was invited to Ottawa today to speak at the Standing Committee on Finance on matters relating to pensions. I was there as an independent analyst. This was the first time I ever attended one of these committees so I was a bit nervous. I had lots […]

Submitted by Leo Kolivakis, publisher of Pension Pulse. The WSJ reports on the public pension shakedown: President Obama’s auto fix-it man, Steven Rattner, is in the news as one of the Wall Street financiers hit up for big money as part of New York state’s unfolding pension-kickback scandal. The White House says he’s done nothing […]

Submitted by Leo Kolivakis, publisher of Pension Pulse. Leah McLaren writes in the Globe and Mail that Generation debt is in for a rough ride: A few years ago, I interviewed University of Toronto demographer David Foot, author of the bestseller Boom, Bust & Echo. Over tea at a campus pub, he assured me that […]

Submitted by Leo Kolivakis, publisher of Pension Pulse. In my last post, I discussed how CalPERS is seeking to buy TARP holdings and Citigroup assets. I said that this carries enormous risks, especially if the recovery turns out to be very modest or even worse, it falters. The U.S. government invited CalPERS and other large […]

Submitted by Leo Kolivakis, publisher of Pension Pulse. Bloomberg reports that the New Jersey pension system deficit rose to $34 billion: The funding deficit of New Jersey’s public pension system climbed to $34.4 billion as of June 30, from $28.4 billion in mid-2007. The pensions were 72.6 percent funded as of June 30. That compares […]

Submitted by Leo Kolivakis, publisher of Pension Pulse. The FT reports that U.K. pension deficits hit £250bn: The aggregate deficit of corporate UK pension funds soared past £250bn ($373bn) in March, setting a record for a shortfall due in large part to the drop in gilt yields as the Bank of England’s quantitative easing commenced. […]

Submitted by Leo Kolivakis, publisher of Pension Pulse. Before I get into the latest topic, I want you all to read Rolfe Winkler’s latest post on Well’s Dodgy Accounting. After that, read Tim Knight’s Be a Fool or Fight It? (I’d rather be a fool and make money in Q2). Now to the latest topic. […]

Submitted by Leo Kolivakis, publisher of Pension Pulse. A follow-up on Friday’s post on what happened to CAW’s pension guarantees. The Globe & Mail’s Andrew Steele writes on the tragic history of GM’s pension: It needs to be said again: The NDP government in Ontario really screwed up when they absolved General Motors of meeting […]

Submitted by Leo Kolivakis, publisher of Pension Pulse. Simon Reid of the Independent writes on why pensions are a girl’s best friend: Shocking figures from the Prudential published this week reveal that women retiring this year will end up with annual pensions worth around one-third less than men. Women will get an average pension of […]

Submitted by Leo Kolivakis, publisher of Pension Pulse. As a follow-up to my last post on checkmate for pensions, the FT reports that the collapse in value of US state and local government pension plans is a disastrous double blow for them: They are being forced to sell off assets at huge discounts to pay […]

Submitted by Leo Kolivakis, publisher of Pension Pulse. The FT reports that investment losses hit public sector pensions: The crisis facing pension plans for US state and municipal employees is deepening as investment losses deplete the resources of retirement funds for teachers, police officers, firefighters and other local government workers. The largest state and municipal […]

Submitted by Leo Kolivakis, publisher of Pension Pulse. Terence Corcoran of the National Post reports that pensions learn little from market disaster: The Ontario Teachers’ Pension Plan released its 2008 annual report last week, ominously titled “Let us explain.” Reflecting the plan’s heavy equity portfolio and risky dips into fancy investment products, the OTPP followed […]

Submitted by Leo Kolivakis, publisher of Pension Pulse. More “bonus outrage”, this time from Fannie and Freddie: Continuing bonuses paid to employees at Fannie Mae and Freddie Mac are offensive since taxpayers are helping keep the mortgage-finance companies afloat, a leading Senate Republican said on Friday. “It’s an insult that the bonuses were made with […]