Wed, May 4, 2016
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. Hedge funds see $14.3bn outflows in Q1, CTAs and multi-strategy lead net inflows[more]

    Komfie Manalo, Opalesque Asia: The hedge fund industry saw net outflows of investor capital in the first quarter of the year, totaling $14.3bn, data from Preqin showed. This continues from the $8.9bn overall net outflows that funds recorded in Q4

  2. Third Point calls Q1 "catastrophic" for hedge funds[more]

    Bailey McCann, Opalesque New York: The first quarter of this year was rocky for hedge funds based on aggregate performance from the industry, but now we are beginning to hear what the managers thought of it as quarterly letters make their way to investors. Dan Loeb, CEO of New York-based $17 bill

  3. Asia - Stabilization of China's capital outflows may hinge on Janet Yellen, Fink says China to do well this year as bubble threat postponed, Chinese hedge fund to invest in India’s infrastructure[more]

    Stabilization of China's capital outflows may hinge on Janet Yellen From Bloomberg.com: Whether China’s recent stabilization of its currency and capital outflows continues -- or downside pressure reignites -- may hinge in large part on Janet Yellen. If the Federal Reserve chair sticks to

  4. …And Finally - After all, judges are human too[more]

    From Newsoftheweird.com: In March, one District of Columbia government administrative law judge was charged with misdemeanor assault on another. Judge Sharon Goodie said she wanted to give Judge Joan Davenport some files, but Davenport, in her office, would not answer the door. Goodie said once the

  5. Comment - Unmasking the men behind Zero Hedge, Wall Street's renegade blog[more]

    From Bloomberg.com: Colin Lokey, also known as "Tyler Durden," is breaking the first rule of Fight Club: You do not talk about Fight Club. He’s also breaking the second rule of Fight Club. (See the first rule.) After more than a year writing for the financial website Zero Hedge under the n