Mismanagement cost NY pension $3.8 billion over 8 years-regulator

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)

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