Pension Pulse

Alexandre Rajbhandari of Bloombeg reports Buffett sold more BofA stock while keeping Apple stake intact: Warren Buffett’s Berkshire Hathaway Inc. continued whittling a longtime bet on Bank of America Corp. in last year’s final months, while keeping a stake in Apple Inc. intact following an earlier reduction. The Omaha, Nebraska-based conglomerate cut its stake in the bank to 8.9% in the fourth quarter after selling 117.5 million shares, a regulatory filing on Friday shows. Bank of America executives and shareholders have waited months for the update after Berkshire’s prior sales left it with less than 10% and freed it from a requirement to quickly disclose transactions. The remaining holding was worth $31.9 billion as of Friday’s close in trading. Buffett, 94, started whittling the investment in mid-July, without providing any explanation. After slashing a holding in Apple earlier in 2024, Berkshire left the stake untouched in the year’s final months. The iPhone maker rema...

James Bradshaw of the Globe and Mail reports AIMCo closes new offices in New York and Singapore to save costs: Alberta Investment Management Corp. is closing its offices in New York and Singapore little more than a year after it opened them, citing a desire to cut costs as the pension fund manager scraps an expansion plan that was forged by leaders who were dismissed last year. Two senior executives left AIMCo on Wednesday as part of the changes: David Scudellari, who led the New York office as global head of private assets and strategic partnerships, and head of Singapore Kevin Bong, who was also AIMCo’s chief investment strategist. AIMCo officially opened its Singapore office in September of 2023, after hiring Mr. Bong. A ribbon cutting ceremony for the New York office followed in February, 2024. AIMCo’s “investment strategy has not changed,” and the decision to shutter the offices was made after weighing the value they added against “operational costs,” said spokesperso...