The Federal Reserve building in Washington, D.C. (AP Photo/Patrick Semansky, File)
The Federal Reserve building in Washington, D.C. (AP Photo/Patrick Semansky, File)Lenders can use any reference rate they wish to replace LIBOR as long as they provide a “robust fallback rate” in case the original is discontinued, U.S. regulators said on Friday, in a win for smaller banks that had pushed back against a mandated replacement.

This file photo shows the BNY Mellon Center in downtown Pittsburgh. (AP Photo/Gene J. Puskar, File)
This file photo shows the BNY Mellon Center in downtown Pittsburgh. (AP Photo/Gene J. Puskar, File)A BNY Mellon executive warned that fund managers may not be doing enough to reflect environmental, social and governance-related missions in sustainable investments, and should do more to demonstrate those values to clients.

Asset manager Janus Henderson, which is headquartered in London, has around $358 billion in assets under management. (Photo by Marcin Nowak on Unsplash)
Asset manager Janus Henderson, which is headquartered in London, has around $358 billion in assets under management. (Photo by Marcin Nowak on Unsplash)Janus Henderson Investors said Tuesday that it has hired Paul LaCoursiere from rival Aviva Investors for the newly created role of global head of environmental, social and governance investments, as ESG investing continues to surge in popularity.

Major finance executives who were tapped by U.S. federal regulators to assess climate risks to the financial markets recommended that financial institutions should be required to disclose and pay for producing carbon emissions in a landmark report made public Wednesday.

Allianz’s legal woes surrounding its Structured Alpha funds continued Wednesday, with another lawsuit filed on behalf of pension plan members claiming that the asset manager’s alleged mismanagement caused “the evaporation, almost overnight” of nearly $1 billion of investors’ money.

A Korean mutual fund is considering hiring JPMorgan Chase to serve as its new investment manager as the current fund overseer, a unit of German insurer Allianz, steps back from direct supervision of U.S. funds.

Allianz Capital Partners said on Monday that its inaugural global infrastructure fund hit its first close, reaching more than EUR 600 million ($704.19 million) worth of commitments.

The U.S. Securities and Exchange Commission has requested information from Allianz regarding a series of funds that are the subject of an investor lawsuit, the German insurer revealed in an earnings report Wednesday.

The Arkansas Teacher Retirement System lodged a lawsuit against Allianz Global Investors U.S. on Tuesday, alleging that three of the firm’s funds suffered significant losses because it departed from the agreed-upon strategy for them.

Allianz Global Investors said Tuesday that it has agreed to a strategic partnership with Virtus Investment Partners that will “focus on enhancing both firms’ growth opportunities” as the latter provides investment strategies on the U.S. retail market.

Employees at Standard Life Aberdeen in the U.K. now have the option to keep working from home for the remainder of 2020, in light of continued COVID-19 concerns, with a company executive saying the financial services sector should heed government calls for remote working even as restrictions ease.