Western Co-CIO on Immediate Leave
Last week, Western Asset Management put its co-chief investment officer on an immediate leave of absence after learning that the Securities and Exchange Commission was looking into Treasury derivatives-related trade allocations within some of its managed accounts.
Both the SEC and the U.S. Department of Justice are conducting parallel probes into the allocations, the firm disclosed in July.
As the events unfolded, Western also shuttered its $2 billion macro-opportunities strategy, citing "clients' best interests." Reporter Sam Heller has more here.
Insurance Channel Updates
Insurance companies are increasingly turning to outsourced chief investment officers to oversee slices of their general account portfolios.
In particular, they want their help vetting and selecting alternative investments, as nearly 40% of insurers surveyed by Mercer said they view expanding private market allocations as a key opportunity, Sabiq Shahidullah reports.
But even as insurer demand for private markets products heats up, new difficulties for managers targeting this market may be on the horizon.
Managers building private placement securities for insurers are likely to face new hurdles under a new proposal that appears set for adoption by the National Association of Insurance Commissioners, Tom Stabile, associate managing editor of FundFire's Alts weekly, reported last week.
The proposal – which has generated significant industry backlash and is expected to be approved later this year – would expand the power of the Association's in-house securities valuation watchdog to enable it to review private placement securities offered to insurance firms, challenge them and at least partially offset capital charge determinations of a private ratings agency.
Video of the Week
T. Rowe Price Chief Operating Officer Kimberly Johnson tells reporter Bridget Hickey why the company's approach to hybrid work centers around "density days."
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