Saturday, 30 August 2014
Last updated 1 day ago
Aug 6 2008 | 11:41am ET
The $153.9 billion New York State Common Retirement Fund posted a 2.56% return for the 2007-2008 fiscal year, but it could’ve done better if not for the fund’s constraint on alternative investments.
New York State Comptroller Thomas DiNapoli said the fund’s strongest returns came from the private equity (24.84%) and equity real estate (14.75%), adding that its growth is “limited by constraints on how we can respond to market forces.”
“We could have easily maximized our returns closer to 4%,” he said at a news conference. “It’s time to revisit the basket bill and give the fund more investment flexibility.”
Under New York’s legal list system, investments in assets classified as alternative, such as private equity, real estate and absolute return strategies, are limited to 25% of the total portfolio.
DiNapoli said he has not decided what the alternatives cap should be for the plan but noted that “we’re not going to look for the freedom to do whatever we want.”
“I have not finalized what our proposal would be,” he said, adding, he has directed his staff to explore undiscovered or undervalued opportunities.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Commodities/Futures magazine launched at the precipice of a revolution in the futures industry—really a revolution in the idea of risk management—that would move it from a small niche industry to ...