Sustainable Finance Newsletter - Jamie Dimon questions public funds' private investments
By Ross Kerber
Oct 9 (Reuters) -JPMorgan Chase & Co CEO Jamie Dimon recently laid into public fund managers over their love affair with private assets, but don't expect a breakup soon.
You can read what he said in my column this week, below, which also reviews trends in the private investing space. It has also been a big week for labor stories and I have highlighted our coverage of union deals by workers at U.S. docks and at a French refinery, plus a court ruling against the two leading rideshare companies.
A reminder that you can send along news tips, comments, etc via LinkedIn. You can also reach me at ross.kerber@thomsonreuters.com
Jamie Dimon questions public funds' private investments
JPMorgan Chase & Co JPM.N CEO Jamie Dimon recently confronted public pension fund managers about channeling more of their investments into private assets, a trend he said could be at odds with their stated policy concerns.
"You call me up and talk to usabout all the issues you're interested in. But when you make huge investments in the private side, you don't get that kind of transparency," he told a meeting of the Council of Institutional Investors in New York last month.
Click here for my column this week which puts some context around his remarks. Spoiler alert: He's right at least as far as the investment trends.
Company News - labor edition
The U.S. Supreme Court declined to hear a challenge by Uber UBER.N and Lyft LYFT.O to lawsuits by the state of California on behalf of drivers who signed agreements to keep legal disputes with the ride-hailing companies out of court.
A strike by dockworkers on the U.S. East Coast and Gulf Coast ended on Thursday after disrupting much of the nation's ocean shipping. Left unresolved was a key issue driving labor unrest - the growing use of automation.
Exxon Mobil XOM.N can move ahead with a plan to cut jobs at its Port Jerome refinery in northern France after obtaining a majority agreement this week with unions.
On my radar
The outlook doesn't look good for an NYSE proposal to end annual meeting requirementsfor closed-end funds. The U.S. Securities and Exchange Commission said on Oct. 4 its concerns include whether the proposal would protect investors. The regulator is now taking comments.
California Governor Gavin Newsom signed a bill amending two state climate laws that contain new reporting requirements on companies. The new bill gives California's air resources board an extra six months, until next July 1, to create regulations for emissions disclosures, and allows some consolidated reporting.
World Bank President Ajay Banga will appear on a Reuters NEXT Newsmaker event on Tuesday Oct. 15 at 2:30 pm ET. He will speak with Reuters White House Correspondent Andrea Shalal a week before his institution and the International Monetary Fund hold their annual meetings in Washington. You can register here.
Reporting by Ross Kerber in Boston; Editing by David Gregorio
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