Tuesday, 6 October 2015
Last updated 2 hours ago
Mar 17 2011 | 12:10pm ET
Texas lawmakers are considering a bill that would give the state's teachers pension plan the ability to more than double its hedge fund allocation.
A bill before the state Legislature would allow the Teacher Retirement System to invest up to 10% of its assets in hedge funds, up from the 5% level set four years ago. According to the $108 billion pension, if the system had been able to invest so much in hedge funds before the financial crisis, it would have been able to stem its losses: TRS saw its portfolio fall from $112 billion to less than $80 billion between 2007 and the beginning of 2009; CEO Ronnie Jung said that its 4% hedge fund allocation saved the pension nearly $1 billion.
"If we'd had more authority, we would have saved more money," Jung told a Legislature committee.
May 27 2015 | 2:15pm ET
Support Hedge Funds Care, also known as Help For Children (HFC), by participating in this year's raffle. All proceeds go to support HFC's mission of preventing and treating child abuse. Read more…