http://www.businessinsider.com/new-york-currently-reviewing-its-hedge-fund-investments-2014-9
New York's Pension System Has $5.6B In Hedge Funds — And It's Currently 'Reviewing' Whether To Keep Them
A major New York State pension fund is "reviewing" whether it should follow California's lead and pull out of its hedge fund investments.
"We are currently reviewing our asset allocations with the goal of maximizing our risk-adjusted return on investments," a spokesman for state Comptroller Tom DiNapoli told Business Insider on Tuesday.
California Public Employees' Retirement System, the nation's largest pension fund, unexpectedly announced on Monday it would eliminate hedge fund investments. The system's chief investment officer said hedge funds are "certainly a viable strategy for some" but, "at the end of the day, when judged against their complexity, cost, and the lack of ability to scale" were an impractical investment for the state.
Business Insider subsequently reached out to both DiNapoli and New York City Comptroller Scott Stringer to find out if they would follow the Golden State's example. The consulting firm Towers Watson in 2012 ranked the city's and state's retirement systems the 16th-largest and 14th-largest pension systems in the world respectively. DiNapoli's office says he oversees almost $177 billion; Stringer's office says he oversees about $140 billion.
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http://www.businessinsider.com/new-york-currently-reviewing-its-hedge-fund-investments-2014-9#ixzz3DZUpkciE
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