(Reuters) – California’s Fair Political Practices Commission has said it would investigate complaints regarding Yu Ben Meng, former chief investment officer of CalPERS, the largest public U.S. pension fund.
The commission, in a letter dated Aug. 11, notified Meng’s attorney that the agency had received anonymous complaints, which it said was based on a news article. It attached a Financial Times article regarding Meng’s investments and his disclosure of them and said it would investigate all allegations.
The commission, however, added that it had not made any determination about Meng’s culpability.
Meng resigned from his position at California Public Employees’ Retirement System (CalPERS) earlier this month, saying he needed to focus on his health and family.
Last week, California State Controller Betty Yee had called for the board of CalPERS to launch an inquiry into the abrupt exit of its chief investment officer.
Meng has twice worked for CalPERS, the first time starting in 2008 and the second time beginning in January 2019 when he became CIO, according to the fund’s website.
In between the CalPERS stints, he worked for three years as deputy CIO with China’s State Administration of Foreign Exchange (SAFE), which oversees China’s U.S. Treasury security holdings.
Meng’s resignation came amid pressure from the Trump administration to curb investments in China.
CalPERS and Meng’s lawyer did not immediately respond to request for comment while the Fair Political Practices Commission said it did not comment on complaints or open investigations.
The Wall Street Journal reported news of the investigation earlier on Monday.
(Reporting By Mrinalika Roy in Bengaluru; Editing by Rashmi Aich)
AGF Management Limited and WaveFront Global Asset Management Partner to Deliver Investment Management Capabilities to Rapidly Growing China and South Korea Markets – GlobeNewswire
TORONTO, Sept. 21, 2020 (GLOBE NEWSWIRE) — AGF Management Limited (AGF) and WaveFront Global Asset Management Corp. (WaveFront) today announced the launch of AGFWave Asset Management Inc. (AGFWave), a new joint venture for providing asset management services and products in China and South Korea.
AGFWave combines AGF’s investment expertise and global brand strength with WaveFront’s existing distribution capabilities in China and South Korea, including partnerships with industry leaders in both regions.
“Combining AGF’s investment capabilities with the robust distribution channels and sales capabilities of WaveFront’s strategic partners Hwabao WP Fund Management, J Royal Asset Management and Vogo Fund Asset Management mean AGFWave is well positioned to capitalize on the rapidly growing asset management industries in China and South Korea,” said Kevin McCreadie, Chief Executive Officer and Chief Investment Officer, AGF.
Initially, members of AGF’s quantitative investment team AGFiQ, will work together with members of WaveFront’s team as AGFWave’s Investment Committee. AGFiQ’s existing investment management resources and capabilities are a strong fit for WaveFront, aligning to a similar quantitative investment philosophy and boasting demonstrated strong track records in key areas of focus for these markets.
“We are very excited about the opportunity to partner with AGF and believe their unparalleled investment management expertise will not only lead to stronger demand for our current products, but enable us to develop and launch new products in key areas our partners and clients are eager to access” said Roland Austrup, Chairman and Managing Principal at WaveFront.
In addition to taking over investment management duties for existing market differentiated investment products on behalf of partners and clients, AGFWave will also be responsible for new product development in these markets, working closely with both Chinese and South Korean partners on exploring future opportunities to bring AGF’s other quantitative and complementary fundamental investment management capabilities to these rapidly growing markets. AGFWave, with its partners in China, is also positioned to offer China A-share products to Institutional investors globally.
About AGF Management Limited
Founded in 1957, AGF Management Limited (AGF) is an independent and globally diverse asset management firm. AGF brings a disciplined approach to delivering excellence in investment management through its fundamental, quantitative, alternative and high-net-worth businesses focused on providing an exceptional client experience. AGF’s suite of investment solutions extends globally to a wide range of clients, from financial advisors and individual investors to institutional investors including pension plans, corporate plans, sovereign wealth funds and endowments and foundations.
AGF has investment operations and client servicing teams on the ground in North America, Europe and Asia. With $37 billion in total assets under management, AGF serves more than one million investors. AGF trades on the Toronto Stock Exchange under the symbol AGF.B.
About WaveFront Global Asset Management
Founded in 2003, WaveFront is a privately-owned global asset management company based in Toronto, Canada. Today, WaveFront manages over $1.7 billion for individual and institutional investors in North America, China and South Korea across a diverse range of investment strategies and solutions.
Informed by decades of research and experience through many market cycles, WaveFront’s success is based on applying a data-driven, scientific approach to observing and analyzing market behavior to identify and capture those opportunities that can deliver superior long-term investment performance for their clients.
Director, Corporate Communications
CI Financial buying US investment adviser Bowling Portfolio Management – BNN
CI Financial Corp. says it has signed a deal to acquire U.S. investment adviser Bowling Portfolio Management LLC.
The firm based in Cincinnati has US$450 million in assets under management.
Financial terms of the transaction were not disclosed.
Bowling provides financial planning and investment management services to high-net-worth clients.
CI has been expanding its operations in the U.S. this year in a series of acquisitions.
It says when all pending transactions close, it will hold interests in wealth management firms across the U.S. with combined assets of approximately US$11.5 billion.
Latest COVID-19 research investment supports knowledge exchange on social, cultural and economic impact of COVID-19 – Canada NewsWire
Research funding will help equip public, private and not-for-profit organizations to respond to challenges posed by pandemic
OTTAWA, ON, Sept. 21, 2020 /CNW/ – As Canada continues to manage the impacts of the COVID-19 pandemic, supporting the work of Canadian researchers is key to building a healthy, more resilient and prosperous country. Working together with government, industry and not-for-profit organizations, researchers from across the social sciences and humanities can help provide data, insight and evidence to guide our actions in the months to come while we navigate postpandemic economic and social recovery.
Today, the Honourable Navdeep Bains, Minister of Innovation, Science and Industry, announced an investment of over $4 million in funding through the Social Sciences and Humanities Research Council‘s (SSHRC) Partnership Engage Grants, to support 172 projects and almost 600 researchers working with businesses and community partners from across Canada. These grants provide short-term and timely support for partnered research activities that will inform decision-making in the public, private or not-for-profit sector.
In response to the early phases of the pandemic crisis, the latest Partnership Engage Grants competition included a special call to address COVID-19 related research. Over $3 million of the investment announced today will directly support 139 projects addressing this call. Some of these projects funded will study changes in the teaching profession, the pandemic’s impact on small- and medium-sized enterprises, mental health among entrepreneurs, and impacts on seniors and their community support services.
“The ongoing COVID-19 pandemic has posed unprecedented challenges around the world. While much of the focus to date has been on developing and testing effective countermeasures to control the spread of the virus, the work these researchers will be doing to examine the longer-term impacts of the pandemic on individuals, businesses and communities will better position Canada for a strong recovery.”
—The Honourable Navdeep Bains, Minister of Innovation, Science and Industry
“SSHRC’s investment in these diverse partnered research projects will advance critical knowledge needed to address the impacts of COVID-19 and the social, cultural and economic challenges facing citizens, communities and businesses in Canada and around the world.”
—Ted Hewitt, President, Social Sciences and Humanities Research Council
- SSHRC’s Partnership Engage Grants provide short-term and timely support for partnered research activities that will inform decision making at a partner organization from the public, private or not-for-profit sector.
- The Partnership Engage Grants COVID-19 Special Initiative provides researchers and their partners a unique opportunity to foster knowledge exchange on COVID-19 crisis-related issues, challenges and impacts. It offers a unique opportunity to exchange knowledge between postsecondary researchers and different sectors of society, including graduate students, postdoctoral researchers and other highly qualified personnel.
- The Partnership Engage Grants COVID-19 Special Initiative call is ongoing. Recipients of the September-deadline applications will be announced soon.
- The application intake for this first ever COVID-19 Special Initiative competition exceeded expectations. To ensure an appropriate response to this demand, SSHRC reallocated just over $3 million more to this initiative. This additional funding brings the total amount for the June and upcoming September competitions to almost $5 million.
SOURCE Social Sciences and Humanities Research Council of Canada
For further information: John Power, Press Secretary, Office of the Minister of Innovation, Science and Industry, 343-550-1456, [email protected]; Media Relations, Innovation, Science and Economic Development Canada, 343-291-1777, [email protected]; Media Relations, Social Sciences and Humanities Research Council, 343-549-6141, [email protected]
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