State Employees Association of North Carolina

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SEANC to Cowell: Pull out of hedge funds to avoid run

The State Employees Association of North Carolina is calling on state Treasurer Janet Cowell to withdraw all investments in hedge funds immediately in light of the same move by the California Public Employees Retirement System (CalPERS), the nation’s largest pension fund, Monday.

CalPERS plans to eliminate all $4 billion of its hedge fund investments over the next year.  The impact of this action could potentially lead to a “run on the bank,” with other pension funds and investors pulling out of the now $2.8 trillion hedge fund industry.

If North Carolina waits until other investors have taken their money and assets are devalued, state employees and retirees could lose even more than they already have by being in these risky investments.

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Member Strength Department

To contact staff members, please call 919-833-6436 or 800-222-2758

Director – Kevin LeCount klecount@seanc.org

Member Strength Data SpecialistLaresha Fortson lfortson@seanc.org

Member Strength Organizer – Pamela Foxx pfoxx@seanc.org

Member Strength Organizer – C.J. Stephens cstephens@seanc.org