Since 1996 we have written about investment consultant conflicts and the related harm to pensions.
FORBES: Consequences of the Mutual Fund Industry's History of Transgressions (November 1, 2003 )
Does the charity have an investment consultant that is independent of any money manager or brokerage?
Such additional due diligence should be undertaken by any plan sponsor prior to selecting an investment consultant.
FORBES: Investment Consultants: It's Time to Clearly Define Their Role (June 1, 1995)
"She's almost to the point of launching collections, " says fashion-industry investment consultant Robert Burke, noting that what Mrs.
WSJ: Fashion Industry Watches Michelle Obama at Inauguration
Many of these plans have no investment consultant to provide advice upon prudent procedures or evaluate the performance of funds.
What if a money manager makes a secret payment to another vendor to the pension, such as an investment consultant?
In 2002, when I gave the speech referred to above, my firm had recently completed an investigation of an investment consultant to a sizable municipal pension.
FORBES: U.S. Institute Senior Delegates�� Roundtable Speech (June 7, 2004 )
The labor lawyers they had retainer agreements with ventured far from their area of legal expertise to offer opinions regarding the propriety of investment consultant conduct.
FORBES: The Long Overdue Florida Public Pension Clean-Up (November 21, 2007 )
The Fortune article also described the investigation this firm conducted regarding the investment consultant of another client, the Metropolitan Employee Benefit Board of Nashville and Davidson County.
FORBES: Public Pension Shortfalls and Consultant Conflicts (September 1, 2002 )
Ask the investment consultant (who received compensation from the mutual fund company) and the mutual fund company itself to prepare the proper response for the paper trail.
FORBES: Corporate Sponsors Agree: 401(k) Plan Results Don't Matter (April 8, 2008)
D. in economics fresh out of school, when I hired Sam, an investment consultant with a major financial firm to manage an Individual Retirement Account (IRA).
Further, the lengthy analysis provided by Unite Here suggested that the KRS real estate investment consultant may have received compensation related to certain specifically identified KRS real estate investments.
FORBES: Kentucky Retirement System Whistleblower Sends Unite Here Union Report to SEC
With the ungainly title of "Managed Account Select, " Schwab has hired the investment consultant Callan Associates to compile a list of 50 money managers, differentiated by a dozen different investment styles.
Thus, one governmental pension agency, the PBGC, continues to rely upon advice provided an investment consultant currently under investigation by another governmental pension agency, the DOL. This makes no sense to us.
In addition, Mr. Tobe independently determined that the real estate investment consultant involved was currently receiving placement agent fees in connection with real estate investments at the California State Teachers Retirement System.
FORBES: Kentucky Retirement System Whistleblower Sends Unite Here Union Report to SEC
Giovanni Tamburi, an investment consultant based in Milan, has produced a detailed list of possible asset sales, including of foundations that still own some banks, as well as a programme of liberalisation.
John Mauldin, an investment consultant, calculated in a recent column that total portfolio returns over the next ten years were likely to be around 5%, far less than the 8-9% projected by most funds.
Investment consultant conflicts of interest continue to surface.
An investigation we recently completed found that commission rates dropped by 50%, resulting in millions in annual savings, once the investment consultant the fund had hired (and who set commissions rates for the fund) was fired.
On a Saturday morning in the winter of 1985, I was shopping at Mid-Island Plaza Mall in Long Island New York where I came across Sam, an investment consultant, who was soliciting business for his firm.
Three years ago Diann Shipione asked a question she figured was pretty innocuous coming from a public pension fund director: What financial incentives were behind the advice her San Diego City Employees' Retirement System was getting from its investment consultant, Callan Associates?
Merrill Lynch and the lead plaintiffs in a class action involving about 70 municipal pension plans in Florida together filed a proposed settlement recently seeking to end a dispute over whether the wirehouse breached its fiduciary duties as the investment consultant to these pensions.
FORBES: Failure to Heed Early Warnings Led to First Bankruptcy of U.S. Public Pension
The foregoing limitation of liability shall not apply to the extent that any liability arises from the gross negligence or willful misconduct of the Investment Consultant, its employees, affiliates, agents or contractors or from bodily injury, death of any person, or damage to any real or tangible personal property.
FORBES: Actuarial Limitations of Liability? (LOL) Laugh Out Loud! (December 1, 2002 )
In the past large defined contribution plans overseen by unsophisticated employees with other corporate duties, without an investment consultant or investment policy statement to guide them, utilizing well-known mutual fund families exclusively (without competitive bidding), failing to monitor best execution, revenue sharing, securities lending, custody arrangements and other issues, was the norm.
The addendum to my report sent to the SEC indicated that my client, Mr. Christopher Tobe, a former trustee of the Kentucky Retirement System, had recently received substantial information from an international labor union, Unite Here, indicating that a real estate investment consultant retained by KRS to provide objective advice to the pension received compensation from real estate investment managers it recommended, including placement agent fees.
FORBES: Kentucky Retirement System Whistleblower Sends Unite Here Union Report to SEC
"Everybody is reaching for greater returns, " said Geoff Bobroff, an investment management consultant in East Greenwich, R.
Last year Chinese energy drink sales reached 5 billion yuan, registering an annual growth of 45%, according to the market research group China Investment Research Consultant.
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Since the consultant is generally relied upon for advice on all major investment issues, having a consultant who has not been subjected to a rigorous due diligence is a frightening state of affairs.
FORBES: The Duty To Investigate Pension Consultant Conflicts (September 1, 2001)
Clark, who has experience as a CNN military consultant and investment banker, appears to have many post-campaign options.
There the consultant, investment manager and mutual fund provider were all affiliates of the employer and there was a vast amount of company stock in the plan.
FORBES: International Campaign to Eliminate Pension Consultant Abuses (November 2, 2004 )
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