Search
 

Pimco seeks mortgage-bond fix after inaction by trustees

While the ABA opposes a fiduciary role, Schroders has supported lobbying for it by the Association of Institutional Investors, whose members oversee more than $10 trillion in mutual funds, pensions and other accounts.

By Jody Shenn and Alexis Leondis | Updated on April 28, 2014

April 28 (Bloomberg) — The biggest money managers are asking U.S. Congress to fix a largely frozen part of the mortgage-bond market with a step that would echo moves taken during the Great Depression.

The Association of Institutional Investors, whose members include Pacific Investment Management Co., Fidelity Investments and Schroders Plc, asked lawmakers in a letter today to create an “unambiguous fiduciary standard” for trustees of mortgage bonds without government backing as a Senate committee considers a bill that would overhaul the $9.4 trillion home-loan market by replacing U.S.-controlled Fannie Mae and Freddie Mac.

Complete your profile to continue reading and get FREE access to BenefitsPRO.com, part of your ALM digital membership.

Your access to unlimited BenefitsPRO.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical BenefitsPRO.com information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
  • Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com

Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Recommended Stories

BenefitsPRO

Join BenefitsPRO

Don’t miss crucial news and insights you need to navigate the shifting employee benefits industry. Join BenefitsPRO.com now!

  • Unlimited access to BenefitsPRO.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
  • Exclusive discounts on BenefitsPRO.com and ALM events.

Already have an account? Sign In Now
Join BenefitsPRO

Copyright © 2024 ALM Global, LLC. All Rights Reserved.