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CALIFORNIA | LOCAL
January 23, 2014 | By Larry Gordon
The UC regents on Thursday hired an executive of a Canadian investment fund to be the chief manager of the university system's $82 billion in endowment and pension investments and to pay him potentially more than $1 million a year if he achieves good returns. Jagdeep S. Bachher, who is an executive vice president of the Alberta Investment Management Corp. in Edmonton and handles public sector funds there, is to become UC's chief investment officer and vice president of investments on April 1. With little public discussion, the regents approved a $615,000 base salary for him and set a maximum total payout of $1,014,750 if UC investments meet a goal of excellent returns.
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BUSINESS
January 22, 2014 | Walter Hamilton
From an office tower overlooking the sumptuous Fashion Island mall in Newport Beach, Mohamed El-Erian sat atop a massive treasure trove of wealth as chief executive of Pimco. Soft-spoken and cerebral, El-Erian presided over a financial juggernaut that rose to become one of the biggest and most influential investment firms in the world. His ubiquitous appearances on cable news shows could sway financial markets in a split second. On Tuesday, El-Erian unexpectedly announced his resignation as CEO. Pimco offered no explanation for the departure, sparking conjecture on Wall Street about whether the current challenges at the investment giant played a role.
BUSINESS
January 21, 2014 | By Ricardo Lopez, This post has been updated. See note below for details.
Mohamed El-Erian unexpectedly resigned from his post as chief executive and co-chief investment officer of global investment management firm Pimco on Tuesday, the firm said in a statement. El-Erian will leave the firm in March and will remain a member of parent company Allianz's international executive committee. He will also serve as an advisor on global economic and policy issues. William H. Gross will continue to serve as chief investment officer, the firm said in a statement.  "I have been extremely honored and fortunate to work alongside Bill Gross, who is one of the very best investors in the world," El-Erian said in a statement.
CALIFORNIA | LOCAL
January 21, 2014 | By Michael Finnegan
Bobby Shriver invoked his Kennedy family heritage Tuesday as he launched his campaign for Los Angeles County supervisor, using his place in the political dynasty to try to gain an edge even while casting himself as an "outsider. " The former mayor of Santa Monica told reporters at Will Rogers State Beach that he was running because he wanted to "shake things up" in a county that faces major challenges with homelessness, traffic, the environment and a broken foster care system. "I come from a family with a tradition of making a difference in people's lives," Shriver said.
BUSINESS
January 13, 2014 | By Marc Lifsher
SACRAMENTO - California's huge pension fund reported a 16.2% return on its investments in 2013 - its best results in more than a decade. The California Public Employees' Retirement System, which provides benefits to about 1.7 million state and local government workers, retirees and their dependents, said its total investments were worth $282.6 billion as of Friday, the highest ever. Better known as CalPERS, the country's biggest public pension fund was especially helped by the stock market's best year since 1997.
BUSINESS
January 13, 2014 | By Marc Lifsher
SACRAMENTO -- The California Public Employee's Retirement System, the nation's biggest government pension, reported a 16.2% return on its investments for 2013. It was the best calendar year performance in 11 years for the $281-billion CalPERS, which provides benefits to about 1.7 million state and local government workers, retirees and their dependents. "A 16.2% rate of return is really good," said Marcia Fritz, a Sacramento pension reform activist. "They are in it for the long haul.
SPORTS
January 7, 2014 | By Mike DiGiovanna
General Manager Jerry Dipoto called the Angels' recent signing of Mark Mulder to a minor league deal a potential “win-win” situation for the team and the 36-year-old left-hander, who hasn't pitched since 2009 and hasn't won a big league game since 2006. “The way the contract is structured, he has to make the big league club to earn anything and to start games to get into the dollars available to him,” Dipoto said of a deal that would pay Mulder $1 million if he makes the team and up to $6 million if he pitches a full season.
BUSINESS
January 2, 2014 | By Shan Li
Texas billionaire T. Boone Pickens thinks his long bet on natural gas is finally paying off. The legendary oilman has long declared it his mission to wean America off its addiction to foreign oil. He co-founded an Orange County company that builds natural gas stations around the country and sank billions into wind turbines. Pickens' gambles have not always paid off. He lost an estimated $150 million of his personal fortune in wind farming, and admits that he was a couple of decades early into natural gas. But he thinks the time has come for natural gas to shake up the energy industry.
OPINION
December 25, 2013 | By Alan Benson, Krishna Esteva and Frank Levy
Smack in the middle of the holiday rush, college applications are due - anxious weeks for high school seniors and their families. To heighten the anxiety, no month passes without a critic proclaiming that college is a pedantic waste of money, while opinion polls show a rising fraction of the public doubts the value of a college education. Yet many studies find that college still outperforms other investments, at least for the typical student. Any student trying to make sense of this confusion should recognize that investing in a college education differs from other investments in two important respects.
CALIFORNIA | LOCAL
December 18, 2013 | By Soumya Karlamangla
The Los Angeles City Council agreed Wednesday to tighten the rules for who can vote in neighborhood council elections after complaints that an overly broad definition of community stakeholder had allowed outsiders to manipulate results. The new rules mark an ongoing attempt to refine the neighborhood governance system, struck in the late 1990s after the San Fernando Valley secession movement to give residents a stronger voice in city politics. Previously, anyone could vote in a neighborhood council race just by displaying a receipt for a latte from around the corner, as proof of having a vested interest in a community - a "Starbucks stakeholder.
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