Institutional Investors

NYCERS withdraws from Breeden

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The New York City Employees' Retirement System announced that it plans to withdraw from activist hedge fund Breeden Capital, which was founded by former SEC chairman Richard Breeden.

Lawrence Schloss, deputy comptroller for pensions and chief investment officer of NYCERS, said that the pension fund planned to withdraw funds over an 18 to 24 month period in accordance with the terms of the investment agreement. Funds under management will be gradually reduced prior to a complete exit in June of 2012, he added.

It is thought that the New York City allocation to