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Pennsylvania Pension Officials Defend Investment Strategy After Governor Calls for Overhaul

Last week, Pennsylvania Gov. Tom Wolf released his first budget proposal. Wolf has said many times that he doesn’t support a full overhaul of the state’s pension system. But his budget did contain some pension-related changes. Wolf is calling for the state’s pension funds to take a more passive approach to investing and to cut down the fees it ...
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Pennsylvania Gov. Budget Proposal: Overhaul Pension Investment Strategy and Cut Fees, Managers

Pennsylvania Gov. Tom Wolf released his first budget proposal last week, and there were several items of interest related to pensions. On Wednesday, Pension360 covered Wolf’s proposal for issuing $3 billion in pension bonds to attempt to shore up the funding of the state’s two major pension systems. But Wolf is also proposing an overhaul of the ...
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New Orleans Pension Considers Index Investing After 2014 Performance Lags

The New Orleans Municipal Employees Retirement System returned less than 5 percent in 2014, a number that is pushing some board members – including the city’s finance director – to consider a more passive investment strategy. Trustee and city finance director Norman Foster argued this week that the fund should be investing in funds that passively ...
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How Hedge Funds Keep Winning Clients Despite Prolonged Slump

The average hedge fund has returned 5.1 percent annually over the last 10 years, according to HFR, a hedge fund data firm. The investment vehicle has even been outperformed by many “balanced” mutual funds. But the flow of clients to hedge funds isn’t slowing down, which begs the question: how do hedge funds keep winning clients when performance ...
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George Soros: Hedge Funds “Not a Winning Strategy” For Pensions

Hedge fund guru George Soros said at the Davos Economic Forum last week that he doesn’t think pension funds should be investing in hedge funds. He cited the current market, management fees and recent under-performance as reasons for his view. More from FinAlternatives: George Soros echoed Warren Buffett’s concerns about the intersection of hedge ...
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Video: Raimondo Talks Pension Settlement, Defends 2011 Reforms

In this interview, new Rhode Island Governor Gina Raimondo discusses the amount of fees the pension system pays to Wall Street managers and defends her pension reforms (2:00 mark); she also talks about a possible settlement with the retirees suing the state over those reforms (3:20 mark).   Photo by By Jim Jones (Own work) [CC BY-SA 3.0]
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New Jersey Pension Encounters Difficulty Exiting Investment With Firm At Which Mary Pat Christie Holds Top Job

It’s been nearly four years since New Jersey’s pension system terminated an investment with Angelo, Gordon & Co, an investment firm where Mary Pat Christie, wife of Gov. Chris Christie, is managing director. But as the International Business Times reports, the pension system is still paying fees to the firm because certain portions of the investment ...
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Kentucky Chamber of Commerce Calls For Audit of State Pension System

The Kentucky Chamber of Commerce is pushing for an audit of the Kentucky Retirement Systems – specifically, a review of its investment performance and policies. Reported by the Courier-Journal: Chamber President and CEO Dave Adkisson announced Thursday that the group wants a review of the investment performance and use of outside investment managers ...
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Newspaper: Kentucky Pension Officials Have “Forgotten Whom They Work For”

Pension360 has covered the push in recent weeks by several Kentucky lawmakers to make the state’s pension system more transparent. The secrecy surrounding Kentucky’s pension investments is well documented, and the issue has even spurred a lawsuit. One Kentucky newspaper wrote Tuesday that pension officials have “forgotten whom they work for” ...
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Yves Smith on AOI’s Hedge Fund Principles

This week, the Alignment of Interests Association (AOI) released a set of proposed changes in the way hedge funds do business with their investors, such as pension funds. AOI, a group to which many pension funds belong, said that hedge funds should only charge performance fees when returns beat benchmarks, and that fee structures should better link ...
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