South Carolina Pension Shifts Assets Into “Alternative Investments” – Disastrous Performance Follows
New York City’s largest public pension is exiting all hedge fund investments in the latest sign that the $4 trillion public pension sector is losing patience with these often secretive portfolios at a time of poor performance and high fees.
“Hedges have underperformed, costing us millions,” New York City’s Public Advocate Letitia James told board members in prepared remarks.“Let them sell their summer homes and jets, and return those fees to their investors.”
