Deals and People June 19, 2013

SSgA Makes Leadership Changes

June 19, 2013 (PLANSPONSOR.com) - State Street Global Advisors (SSgA) is aligning its leadership with client challenges in both active and passive strategies.
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The firm is combining core teams in active quantitative developed and enhanced equity. It is expanding the depth of its fixed-income strategies to extend further on the credit spectrum targeting areas such as structured credit, high yield and emerging market debt.  

As part of this approach, SSgA is combining its cash and fixed income capabilities under the leadership of Steve Meier, CIO head of cash, who will become CIO of fixed income, currency and cash. Active quantitative developed and enhanced equity will also be combined under Ted Gekas, currently head of global enhanced equity, who will take a new role as CIO and global head of active quantitative equity.  

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As part of these changes, Ali Lowe, CIO, global equities, will leave the firm at the end of 2013 after a transition period. Kevin Anderson, currently CIO and head of fixed income, will assume the role of head of investments for the Asia Pacific region based in Hong Kong. He replaces Lochiel Crafter who was recently appointed as head of the Asia Pacific region, succeeding Bernard Reilly, who has taken the role of global head of strategy for SSgA.  

To maximize the effectiveness of its quantitative research, SSgA is integrating its Advanced Research Center (ARC) and dedicated IT support into their respective investment teams. Bringing research closer to the investment process will accelerate SSgA’s ability to generate and implement actionable ideas with greater speed and efficiency in volatile and dynamic markets, the company said.
Compliance June 19, 2013

New York City Agrees to Settle USERRA Lawsuit

June 19, 2013 (PLANSPONSOR.com) – The city of New York has agreed to settle a lawsuit brought by police officers who were called to active duty in the military after September 11, 2001.
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The lawsuit alleges that the city unlawfully calculates the pensionable earnings of NYPD officers called to military duty by relying exclusively on their base pay-rate instead of including the overtime or night shift compensation they would have earned had the military not mandated their service, as required by the Uniformed Services Employment and Reemployment Rights Act of 1994 (USERRA). The settlement agreement, filed in the U.S. District Court for the Southern District of New York, calls for the New York Police Department (NYPD) to recalculate compensation used to calculate benefits for active or retired employees who were called to service after September 11, 2001. It does not require recalculation for police officers who were called to active duty prior to that date, unless the officer or retiree directs a written request for calculation to the pension fund.

In addition, the settlement agreement requires the NYPD to advise other city agencies about recalculating compensation used to calculate pension benefits for similarly situated employees or retirees for other city agencies.  

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Although the lawsuit was originally filed on behalf of active and retired NYPD officers (see “NYC Sued for Military Member Police Officers’ Pensions”), it was later expanded to included employees and retirees of other city agencies (see “USERRA Lawsuit for NYC Workers Expands”).  

The settlement agreement is here.

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