Hopeful Signs for Investment of Pension Funds in NJ Companies
The decision two years ago to invest state pension funds in New Jersey companies seems to be producing results. The fund has done significantly better than the Standard and Poor 500 index.
Under the program, $100 million in pension money was set aside for this fund to invest in companies operating in the state. In March of this year, the fund had lost 3.7 percent while the S&P 500 lost 39.9 during the same period. The fund is operated for the state by a Neuberger Berman Group, LLC, a Lehman Brothers' spin-off company.
State officials however say it is too early to do a victory lap since only $41.7 million of the $100 million has been invested so far in the NB/NJ Custom Investment Fund which is slated to last 10 years.
Investment of the $100 million is a small part of the state's pension fund which currently totals about $63.2 billion. New York, Florida, California and Indiana have similar arrangements.
Under the program, $100 million in pension money was set aside for this fund to invest in companies operating in the state. In March of this year, the fund had lost 3.7 percent while the S&P 500 lost 39.9 during the same period. The fund is operated for the state by a Neuberger Berman Group, LLC, a Lehman Brothers' spin-off company.
State officials however say it is too early to do a victory lap since only $41.7 million of the $100 million has been invested so far in the NB/NJ Custom Investment Fund which is slated to last 10 years.
Investment of the $100 million is a small part of the state's pension fund which currently totals about $63.2 billion. New York, Florida, California and Indiana have similar arrangements.
