Oct 17 New York's Department of Financial
Services said on Monday that investment in high-cost
underperforming hedge funds and non-transparent private equity
funds had cost the State Common Retirement Fund (CRF) $3.8
billion over the past eight years.
The CRF is the investment arm of the New York State and
Local Employees' Retirement System and the New York State and
Local Police and Fire Retirement System.
While pension fund managers across the country have cut
exposure to overpriced and underperforming investments, the CRF
has spent pension system funds chasing performance that
continues to fall far short, Maria Vullo, the Department of
Financial Services' superintendent, said in a statement. (on.ny.gov/2ea5Rkf)
(Reporting by Nikhil Subba in Bengaluru; Editing by Shounak
Dasgupta and Ted Kerr)