Mon, Jun 18, 2018
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

Inalytics' David reported inconsistencies with Goliath State Street's contract

Thursday, November 29, 2012

by Beverly Chandler, Opalesque London:

A bit of a David and a Goliath story has emerged from the activities of London based Inalytics who first outed problems with State Street’s handling of a transition for the Royal Mail pension fund some eighteen months ago.

Rick di Mascio, chief executive officer of Inalytics explains that they were routinely brought in to measure the transition and investigate the remuneration taken by State Street. A transition occurs when a big pension fund decides to move a big block of assets because of a shift in allocation from equities to bonds for instance, or to change managers.

"We found that the remuneration was not consistent with the contract" di Mascio says. State Street then self-reported the matter to the UK’s Financial Services Authority (FSA), and dismissed the individuals involved.

However, the same problem appears to have arisen in Ireland, with the national debt agency notifying Irish police and John Corrigan, chief executive of the National Treasury Management Agency, telling the Irish parliamentary committee: "What happened here was fraudulent in nature and totally unacceptable."

The first of the dismissed staff members faces an industrial tribunal this week. It has been reported in ......................

To view our full article Click here

Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing

 



  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Lyxor recommends stockpicking strategies, L/S equity hedge funds well equipped for turbulent markets[more]

    Matthias Knab, Opalesque: Market developments in May saw some trend reversals across the fixed income and commodity space. On the one hand, the unfolding of the Italian political crisis coincided with a rebound of U.S. Treasuries during the second half of May. On the other hand, the rising likeli

  2. North America - George Soros: 'Everything that could go wrong has gone wrong'[more]

    From Marketwatch.com: George Soros, tell us how you really feel. 'Everything that could go wrong has gone wrong. [Trump] is willing to destroy the world.' The 87-year-old billionaire clearly isn't shy about expressing his generally liberal views and distaste for Trump's "America First" platform,

  3. Paper: The performance of stocks actively pitched by hedge funds[more]

    Using a novel dataset drawn from investment conferences from 2008 to 2013, I show that hedge funds take advantage of the publicity of these conferences to strategically release their book information to drive market demand. Specifically, hedge funds sell pitched stocks after the conferences to ta

  4. North America - US fundraising for special purpose acquisition vehicles hits record this year[more]

    From AFR.com: Special purpose acquisition vehicles (spacs) are hitting the US market at the fastest rate on record, attracting the likes of Goldman Sachs and hedge fund investor Daniel Loeb for the two largest such deals in 2018. Spacs have raised $US4.5bn so far in 2018, the largest amount fo

  5. Investing - Man Group and AQR try to take aim at private equity industry, Hedge funds poised to be winners in AT&T-Time Warner deal[more]

    Man Group and AQR try to take aim at private equity industry From FT.com: The popularity of private equity investments has prompted asset managers such as Man Group and AQR to devise strategies that aim to replicate PE returns but at a much lower cost to investors. Both companies a