Tish James |
Reasons: High fees, poor returns, low transparency.
The pension fund’s trustees are expected to approve divestiture from hedge fund investments. But such a move could take years. NYCERS has about 3% of its $51 billion portfolio invested in hedge funds. Its investments include D.E. Shaw, Brevan Howard Asset Management and Perry Capital.
“Hedge funds are charging exorbitant fees for high-risk and opaque investments,” says Letitia “Tish” James, a trustee of the fund and the city’s public advocate.
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