- Joe Biden wins the 2020 presidential election after beating Donald Trump to reach 270 electoral votes.
- China put a halt to the $37B listing of the Ant Group IPO on Tuesday.The fintech now races to satisfy tighter regulations set by the China Banking and Insurance Regulatory Commission.
- Biogen’s treatment for Alzheimer’s disease called aducanumab looks to get a thumbs-up from the FDA. Becoming the first new therapy for the brain disorder in nearly two decades.
- The Trump administration has officially pulled out of the Paris Climate Agreement after giving the required year’s notice last November.
Regulatory Trends and Industry Trends:
- Allstate is being sued for using Northern Trust Focus Funds as the plan’s QDIA. According to the complaint, “Northern Trust Focus Funds have significantly underperformed their benchmark indices and comparable target-date funds. They have for a decade performed worse than 70% to 90% of peer funds.”
- The PBGC announced that it would take on administrative and financial responsibility for the J.C. Penney Corp. Pension Plan, which covers approximately 36,000 current and future retirees.
- Northern Trust is being sued for use of their proprietary target-date funds in the company’s 401(k) plan. The complaint argues, “despite a market flush with better-performing alternatives, defendants selected the Northern Trust Focus Funds the be the plan’s target-date asset class investment option.”
Investment Manager News:
- Janus Henderson appointed Paul LaCoursiere global head of environmental, social and governance investments.
- Core Gibbons was named managing director for international product at Nuveen, leading product strategy in Europe.