Caisse de Depot et Placement du Quebec posted a 2.3 per cent loss in the first half of 2020 after largely missing the rally in large technology stocks and suffering from its heavy exposure to shopping malls.
First, he was called a Chinese spy. Then he was accused of misleading his board. Yet Ben Meng stayed on as investment chief at California’s mammoth state pension plan. What finally drove him to quit wasn’t only the public pressure, it was a Wall Street sin every rookie in the business knows to avoid: He steered the fund’s money into investments that could benefit him personally.
As manager of the nation’s third-largest pension fund, the task of state Comptroller Thomas DiNapoli seems quite clear-cut: to uphold his fiduciary responsibility to state employees and ensure that they can retire securely.
The largest fund in New Jersey’s embattled pension sold Apple, Microsoft, and GE stock in the second quarter. It also initiated a stake in biotech Moderna.
Blueprint Capitol Advisors seeks $40 million in damages from the New Jersey Division of Investment, BlackRock Alternative Advisors, and Cliffwater L.L.C.