Heather Gillers

Muni bond investors have so far been able to downplay climate change risks to state and local government creditworthiness, a bond research firm president told a Senate committee at a hearing Wednesday. Tom Doe, president of Municipal Market Analytics, said at [a hearing](https://www.budget.senate.g

Christopher Ailman will retire as investment chief of California’s $318 billion teacher pension fund after almost a quarter century, he told the fund's board members Thursday. "It has been an honor to lead and guide this massive global investment trust fund for the teachers of California," Ailman s

The maximum amount of leverage the California State Teachers' Retirement System can use could rise under a proposal unveiled to board members Thursday. If approved, the policy would allow officials managing the $318 billion fund to borrow up to a tenth of its value.Across pension funds, increased

When Detroit tiptoed back to market after haircutting bondholders, Citi was there. When the board overseeing Puerto Rico’s debt restructuring wanted advice, Citi was there. Citi is exiting the $4 trillion market early this year after a quarter-century as a top trader of U.S. state and local government debt.

A Texas pension fund lost about $9 million over the past 13 months investing in three regional banks just days before their stock prices collapsed.

Some turn to bonds or private markets after major indexes’ run to records.

Recent moves by government pension plans offer a new glimpse into the widespread and slow-moving commercial real estate slump.

Retirement funds are seeking cash while money is languishing in zombie investments.

In exchange, they got a promise of high returns after a decade—and often received healthy cash payouts in the years before that.