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State Funds Firing Wall Street Managers
Reuters / CNN Money ^ | January 15, 2003

Posted on 01/16/2003 7:01:53 PM PST by Cicero

Edited on 04/29/2004 2:01:57 AM PDT by Jim Robinson. [history]

Asset managers getting booted for poor public pension fund performance.

NEW YORK (Reuters) - U.S. state pension fund managers have decided to cut their ties with Wall Street asset managers whom they blame for allowing already-bad stock market losses to grow even bigger.

(Excerpt) Read more at ...

TOPICS: Business/Economy; Government
KEYWORDS: bananarepublics; pensionfunds
The rats are starting to turn on one another.
1 posted on 01/16/2003 7:01:53 PM PST by Cicero
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2 posted on 01/16/2003 7:02:49 PM PST by Support Free Republic (Your support keeps Free Republic going strong!)
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To: rohry; Wyatt's Torch; arete; meyer; DarkWaters; STONEWALLS; TigerLikesRooster; Ken H; MrNatural; ...
public pension funds made the mistake of reducing employee contributions. Most public pension funds are now increasing the amount of money employers pay into the pension funds

Employers equals taxpayers meaning higher taxes.

Note, no mention of raising the reduced employee share.

3 posted on 01/16/2003 8:58:45 PM PST by razorback-bert (unhatched chickens for sale...all in one basket)
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To: razorback-bert
I never understood why these big pension funds don't just buy an S&P index, a bond index, and a little gold on a regular, cost averaged basis basis. Allocate it, say, 60% stocks, 30% bonds, and 10% gold.

That way you'd avoid a management fee, take advantage of the long term rewards of stocks, and have a nice hedge.

That's what I would do, anyway, with a big pension fund.

4 posted on 01/16/2003 9:45:04 PM PST by Ken H
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To: Ken H
60% stocks is too high for a working pension fund, IMHO. I think the pension managers got caught up in the "artificial exuberance" of the late 1990's, and it came back to bite them (and the taxpayers). What's apparent to them now is that it "isn't different" this time.
5 posted on 01/17/2003 6:20:01 AM PST by meyer
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