Thu, Sep 21, 2017
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. Asia - Hedge funds used to love shorting China. Now, not so much, Fledgling China FoFs require careful use: NCSSF, Amac, Japanese banks turn to PE, hedge funds for returns[more]

    Hedge funds used to love shorting China. Now, not so much From Bloomberg.com: A sharp devaluation. A credit crisis. And an economic hard landing. That's what some of the biggest names in the hedge fund industry were predicting for China after the nation's stocks and currency tumbled in 2

  2. Launches - Orchard launches new credit platform, ETN based on hedge fund to launch on the LSE[more]

    Orchard launches new credit platform Orchard Platform has rolled out Deals as a part of its new platform launch. With the addition of Deals to their suite of technology solutions for loan originators and institutional investors, Orchard Platform takes the next step in their evolution. De

  3. Neuberger Berman closes $1.1bn Credit Opportunities Fund[more]

    Neuberger Berman, a private, independent, employee-owned investment manager, announced that NB Private Equity Credit Opportunities Fund LP closed on $1.1 billion of limited partner commitments. The Fund seeks to invest in the secured and unsecured debt of private equity-backed companies, primarily i

  4. Capital Dynamics launches mid-market private credit business[more]

    Capital Dynamics, a global private asset manager, has launched a dedicated Private Credit Asset Management business. Experienced industry executives Jens Ernberg and Thomas Hall have joined Capital Dynamics to co-lead the company's new private credit initiative. They are based in Capital Dynamics' N

  5. ...And Finally - FAN-antic[more]

    From Newsoftheweird.com: Jeffrey Riegel, 56, of Port Republic, New Jersey, left 'em laughing with his obituary's parting shot at the Philadelphia Eagles. In it, Riegel asked that eight Eagles players act as pallbearers, "so the Eagles can let me down one last time." Riegel owned season tickets for 3