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Post by Logan on Jan 27, 2016 23:54:19 GMT -6
Did controversial investments bail out N.J. public pensions last year?TRENTON — It wasn't a very good year for New Jersey's public employee pension investments, but it would have been even worse without the recent performance of the state's controversial alternative assets, state investment officials said Wednesday. Through June 30, the pension fund returned 4.16 percent. In the previous fiscal year, the investments posted a 16.87 percent return. From June 30 to Dec. 31, the first half of the current fiscal year, the fund's investments lost 3 percent. Officials said Wednesday the blow was cushioned by the strong performance of its alternative investments, particularly in private equity and real estate. "The fund return would be significantly lower if we weren't invested in alternative assets," said Christopher McDonough, director of the state Division of Investments. "I think it's pretty simple when you look at it this way... We've entered a phase now where the program has begun to mature and we're seeing the benefits of that." Read more: www.nj.com/politics/index.ssf/2016/01/nj_officials_praise_alternative_investments_for_pr.html
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