JPMorgan Warns Against Russian Investment
A pending global recession could claim Russia’s property market as a primary victim, according to a new report released from JPMorgan Chase. According to analysts, Moscow, in particular, is coming off a major property expansion at the same time Russian banks are strapped for cash thanks to sharply lower share prices on the Russian stock market. Caught in the squeeze are Russian property firms that were hoping to go public on international stock exchanges. Rating agency Moody’s also weighed in with its own grim report, noting that the combination of higher inflation, falling stock prices and a flight of capital are likely to weigh heavily on Russian banks.
CalPERS Appoints infrastructure manager
Following the announced launch of its new infrastructure investment program, the California Public Employees’ Retirement System (CalPERS) has tapped Randall Mullan as senior portfolio manager. Mullan led a similar program for the past eight years at the British Columbia Investment Management Corp. He starts work on Oct. 14. CalPERS expects to invest up to $7 billion over the next two years through commingled funds in public and private infrastructure including transportation, energy, water, ports and communication.