| CalPERS, CalSTRS net California $21 billion
CalPERS and CalSTRS generate a combined annual $21 billion in economic activity for California, according to a study by the Applied Research Center at the California State University, Sacramento. The review, sponsored by the $241.1 billion California Public Employees Retirement System, Sacramento, shows that the impact the two plans have on the state exceeds that of the forestry and fishing industry and about equals the size of the hotel industry, according to a CalPERS news release. Pensions are always looked at as one of those things that cost money, but you have to do it, said Robert Fountain, professor emeritus and director of the center. This is a way to see what the state and government are getting back, he said. A second study, to be released in September, will focus on the impact that CalPERS and the $162 billion California State Teachers Retirement System, also in Sacramento, have on in-state companies, said Mr.
ING Raises $275 Million in IPO for the ING Asia Pacific High ...
NEW YORK, March 28 /PRNewswire-FirstCall/ -- ING today announced the launch of the ING Asia Pacific High Dividend Equity Income Fund (the "Fund"), a non-diversified closed-end fund that invests primarily in a portfolio of high dividend yielding equity securities of companies located in the Asia Pacific region. ING Asia Pacific High Dividend Equity Income Fund raised $275 million in an initial public offering, where Citigroup Global Markets Inc. acted as sole bookrunner and lead manager, and Merrill Lynch, Pierce, Fenner & Smith Inc. and A.G. Edwards & Sons, Inc. acted as co-lead managers. The Fund began trading on the New York Stock Exchange today under the ticker "IAE." "We are very pleased the financial advisers and their clients recognized the unique investment opportunities in Asia Pacific offered by IAE," said Mark Weber, Executive Vice President and Head of Structured Asset Management at ING in New York.
PFRDA appoints NSDL as record-keeper for new pension fund
New Delhi, April 11 (PTI): Interim pension regulator PFRDA has appointed National Securities Depositories Ltd as an agency to track the pension records of those under the new pension scheme (NPS). "We have moved ahead with the appointment of central record-keeping agency (CRA) and have selected NSDL for the job," Pension Fund Regulatory and Development Authority (PFRDA) Chairman D Swarup said yesterday. The regulator selected NSDL as the CRA from out of six bidders, including Unit Trust of India and Life Insurance Corporation of India. Swarup, who was addressing a conference on pension reforms organised jointly by Ficci and PFRDA, expressed the hope that the CRA will be in place 'very soon' after NSDL gets necessary regulatory approvals from PFRDA. "We expect NSDL to start working as the CRA by May last or early June," Swarup said.
Tri-State in Training: Workshop session to cover retirement plans ...
RETIREMENT WORKSHOP: The "Avoiding the Natural Disasters of Retirement" Workshop is designed for those that are in or near to retirement. The following subjects will be covered: How to capture market-like gains without putting any of your money at risk; what a nursing home stay would do to your estate and how to avoid it; how to protect your IRA, 401k or other retirement accounts from the IRS; and how to avoid paying the biggest tax you will ever pay and creating a lasting legacy. .
Sagicor USA Inc. Appoints Ken Marshall President and Chief ...
MULTIMEDIA AVAILABLE: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=5375019 TAMPA, Fla.--(BUSINESS WIRE)--April 11, 2007--Sagicor USA Inc. has appointed Ken Marshall to the position of President and Chief Executive Officer of Sagicor Life Insurance Company. In this capacity, Marshall will lead the growth and development of Sagicor Life USA's operations. He will report directly to the Sagicor USA's Chairman and President and CEO of the Sagicor Financial Group, Dodridge Miller. "Ken brings a strong background in sales and marketing development in his new role, having been very successful in the Caribbean region. We are excited to have his leadership and enthusiasm in this challenging market. Ken's genuine commitment to people makes him an important resource both for members of staff and the vast independent financial representative network inherent in the US market," said Miller.
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