Financial Services Industry
Industry: Email Alert RSS FeedAFFILIATED FUNDS: Combs mulls cross trading among plans.(new assistant Labor secretary, Ann L. Combs)
Pensions & Investments, July, 2001 by Anand, Vineeta
WASHINGTON - Ann L. Combs, the new assistant Labor secretary for pensions, is considering letting large pension plan sponsors ``cross-trade'' or swap stocks and bonds among affiliated plans within a single master trust, instead of having the funds buy and sell those securities in the open market.
The top federal pension regulator, who has been at her job since May 11, already has discussed the issue with representatives of pension plan sponsors, and in an interview said the Labor Department ``should be able to move on that relatively quickly.'' The Committee on the Investment of Employee Benefit Assets is taking Ms. Combs at her word. On June 29, within days of discussing the matter at the meeting with Ms. Combs, CIEBA requested the Labor Department grant...
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