Tuesday, 25 November 2014
Last updated 2 hours ago
Jul 1 2011 | 1:05am ET
While three of New York City’s five public pension funds have taken the hedge fund plunge this year, the Big Apple’s teachers have decided against dipping their toes into those waters.
The Teachers’ Retirement System of New York City has excluded hedge funds from its new asset allocation plan, HFMWeek reports. The $42.3 billion pension’s investment board had been considering a 3% allocation to the asset class, which could have amounted to more than $1 billion.
Hedge funds were not included in the final plan “based on feedback from various discussions on this topic,” a member of the investment board told HFM.
TRS’ decision comes after the city’s police, fire department and municipal employee pensions made their first hedge fund investments earlier this year, all hiring fund of hedge funds Permal Group.
Nov 4 2014 | 9:45am ET
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