The Council of Institutional Investors sent a letter to every member of Congress urging them to oppose the Financial Choice Act, The Wall Street Journal writes, on the basis that it will undercut shareholder rights. The letter was signed by 53 pension funds, unions and other institutions, including CalPERS, that collectively manage $4tn in assets.

Institutional Investor finds that hedge funds invested in macro and event-driven strategies attracted the largest amount of new capital in the first quarter, despite lagging performance. Specifically, macro funds gained $11.1bn and event-driven funds $8.9bn.

Driven by rallies in global markets, the CPP Investment Board tripled its annual returns in fiscal 2016 to 12.2% from 3.7% in the prior year. The fund now boasts $233bn (CA$ 317bn) in assets, according to the Financial Times.

U.K.’s Conservative Party has pledged to create a number of sovereign wealth funds, collectively known as ‘Future Britain’ funds, to bolster infrastructure and the economy, reports Pensions & Investments.