Sylvia Alvarez Lynch (City employee) speaks in opposition to Hedge fund investments at the SFERS Board meeting. Entire meeting recorded here. David Williams, a City Retiree, states those in opposition have reached critical mass - over 2000 signatures handed in and hundreds have been showing up (over time) at these meetings. The Board has also been receiving scores of emails against Hedge funds. SEIU 1021 (both workers and retirees) the SF Gray Panthers among other retiree organizations, are all opposing investing risky Hedge funds. Hedge funds have no transparency and high fees to those managers who invest for our system. Sylvia talks about the 61 MILLLION dollar loss to our system by an investing and consulting group hired by our Board. Turns out this group manages a Hedge fund investment component which is located in the Cayman Islands. This needs further investigation - there appears to be a conflict of interest and a failure to disclose among other things.
Posted on: Fri, 05 Dec 2014 17:31:58 +0000
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