City investing com liquidating
The Directors of City Financial have appointed Jason Baker and Geoffrey Rowley of FRP Advisory LLP as joint administrators of City Financial.The Joint Administrators act as agents of City Financial and without personal liability.James said she saw “little evidence” that the NYCERS hedge fund portfolio added overall value via increased returns or decreased risk. Stringer said the trustees believe an asset allocation mix without hedge funds will help NYCERS “construct a responsible portfolio that meets our long-term investment objectives.” The trustees did not vote on a revised asset allocation strategy.“We have not seen the results that we had expected,” trustee Henry Garrido said at the meeting. Garrido, who offered the resolution, is executive director of District Council 37, American Federation of State, County and Municipal Employees.The one dissenting vote came from Patricia Stryker, recording secretary, Local 237, of the International Brotherhood of Teamsters, representing Gregory Floyd, a NYCERS trustee and president of Local 237. Stryker said her union believes it would be “premature” for NYCERS to exit hedge funds now.Given NYCERS strategy of investing for the long term, “we haven’t been in hedge funds that long” to make a comprehensive assessment, she said.As of June 30, the pension fund had hedge investments with Brevan Howard, Brigade Capital Management, Carlson Capital, Caspian Capital, Cantab Capital Partners, D. Shaw, Fir Tree Partners, Luxor Capital Group, Perry Capital, Pharo Management, SRS Investment Management, Standard General and Turiya Capital.
Just be sure to conduct your due diligence and research each fund before making any trades.
So while it is a bit of a complicated process, the liquidation process is mostly painless for the investor.
And if you follow your funds closely, you should have ample time to react to the news and adjust trading strategies.
City Financial transferred the Authorised Corporate Director position to Valu-Trac Investment Management Ltd (authorised and regulated by the FCA, reference number 145168) on 25 March 2019 for the UK UCITS funds.
For further information please contact: Sandy Howie (T: 01343 880344; E: [email protected]) City Financial transferred the investment management activities to Garraway Capital Management LLP (authorised and regulated by the FCA, reference number 228990) on 25 March 2019 for the UK and Irish UCITS funds.
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Trustees of the New York City Employees’ Retirement System voted Thursday to stop investing in hedge funds and to liquidate existing hedge fund investments “as soon as practicable, in an orderly and prudent manner.”Hedge funds accounted for $1.45 billion of NYCERS $51.2 billion in assets as of Jan. NYCERS is one of five pension funds in the $154 billion New York City Retirement Systems.