New York state pension fund to divest Russia holdings
By Jonathan Stempel
NEW YORK (Reuters) – New York’s public pension fund, one of many largest pension funds in the US, will divest its holdings in Russian corporations following Russia’s invasion of Ukraine, state comptroller Thomas DiNapoli mentioned on Friday.
The divestment by the $279.7 billion New York State Frequent Retirement Fund, which DiNapoli oversees, adopted the comptroller’s March 1 resolution to finish new investments in Russian corporations.
DiNapoli estimated on the time that the fund had $110.8 million of public fairness investments in Russian corporations.
He mentioned the investments can be bought in a “prudent method and timeframe,” constant together with his fiduciary obligation.
In a press release, DiNapoli mentioned Russia’s “unconscionable and immoral invasion” of Ukraine has made Russia an “unacceptable funding danger,” and that Russia’s already weak financial system is plunging towards an “financial disaster.”
The California Public Workers’ Retirement System (CalPERS), the most important U.S. pension fund, on March 3 halted all transactions in Russian publicly traded fairness and stopped the movement of recent investments into the nation.
It owned about $765 million of Russian public shares and illiquid actual property belongings on the time, out of roughly $469 billion of whole belongings.
New York’s Frequent Retirement Fund invests on behalf of greater than 1 million state and native authorities staff, retirees and their beneficiaries.
Russia calls its actions in Ukraine a “particular operation.”
(Reporting by Jonathan Stempel in New York; Enhancing by Leslie Adler and Jonathan Oatis)
