New York City's largest public pension is exiting all hedge fund investments in the latest sign that the $4 trillion public pension sector is losing patience with these often secretive portfolios at a time of poor performance and high fees. The board of the New York City Employees Retirement System (NYCERS) voted to leave blue chip firms such as Brevan Howard and D.E. Shaw after their consultants said they can reach their targeted investment returns with less risky funds. The move by the fund, which had $51.2 billion in assets as of Jan. 31, follows a similar actions by the California Public Employees' Retirement System (Calpers), the nation's largest public pension fund, and public pensions in Illinois.
HOLLIDAYSBURG, Pa. (AP) — The Latest on a Pennsylvania hearing in the case of three former Franciscan leaders charged with child endangerment for allegedly knowing a friar had been accused of molesting more than 100 children (all times local):
NEW YORK (AP) — A manslaughter conviction against a former police officer who accidentally shot an unarmed man in a public housing project stairwell will stand, a judge decided Thursday, ruling that a juror didn't intentionally withhold information about his father's criminal history during jury selection.
COLUMBUS, Ohio (AP) — The man charged in the death of an Ohio police officer gave up his right to an initial court hearing, a prosecutor said Thursday, giving both sides more time to research the case, including whether the death penalty is appropriate.
DENVER (AP) — Police and federal agents arrested more than 40 people and seized piles of pot plants and elaborate growing equipment Thursday during raids of homes and warehouses throughout the Denver area, part of a multi-state investigation into the illegal distribution of marijuana outside Colorado.