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NYCERS to exit hedge fund investments

StreetTalk – Episode 69: Banks left with pockets full of cash and few places to go

Street Talk – Episode 69: Banks left with pockets full of cash and few places to go

Street Talk Episode 68 - As many investors zig away from bank stocks, 2 vets in the space zag toward them

Street Talk Episode 66 - Community banks tap the debt markets while the getting is good

NYCERS to exit hedge fund investments

New York City Employees'Retirement System's board has determined to exit all hedge fund investments,such as those in Brevan Howard and D.E. Shaw, in light of consultants' advice thatthe public pension can obtain targeted investment returns from funds that are lessrisky, Reuters reported April 14.

The hedge fund fees paid by NYCERS reached almost $40 millionin its 2015 financial year, Reuters noted, citing the public pension's financialreport. However, the public pension's hedge fund portfolio returned 3.89% over theyear.

Unaudited data from the city comptroller's office indicated thatthe hedge fund exposure of NYCERS was $1.4 billion as of Jan. 31, according to thereport. The public pension had $51.2 billion in assets as of Jan. 31, the news outletsaid.