Tuesday, August 16, 2011

PA Pension Funds in New Yorker

Catching up on reading, this dovetails nicely with another post this evening on the state treasurer. In the July 25th New Yorker, John Cassidy writes a long article on Ray Dalio who started and runs Bridgewater Associates, a hedge fund. "Mastering the Machine" is available online.

What does this have to do with Pennsylvania?

Of the roughly one hundred billion dollars invested in Bridgewater, only a small proportion comes from wealthy families. Almost a third comes from public pension funds, such as the Pennsylvania Public School Employees' Retirement Systems; another third comes from corporate pension funds, such a those at Kodak and General Motors; a quarter comes from government-run sovereign wealth funds, such as the Government Investment Corporation of Singapore.

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