US - The New York State Common Retirement Fund is considering an allocation to hedge funds, which would be its first foray into the asset class.
No decisions have yet been made on the extent of the allocation and no time scale for the investment has been set.
John Chartier, deputy press secretary for the State Comptroller, Alan Hevesi, said it was part of the fund’s policy to improve returns: “We are always look at different things.
“It’s become more prudent to look at other options particularly with the events that have happened in the last few years, such as 9/11, and the corporate scandals that have hit Wall Street that took a big chunk out of the pension funds.”
The New York State and Local Employees’ Retirement System and the Police and Fire Retirement System provide pensions for state and local government employees.
The assets of the two systems are held in the Common Retirement Fund and are invested by the Comptroller as sole trustee.
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