New Jersey preparing 1st investment policy statement
By Robert Steyer | January 25, 2013 2:53 pm
New Jersey Division of Investment is preparing its first investment policy statement to enable the public to better understand the division's investing practices for the $70.8 billion New Jersey Pension Fund, confirmed William Quinn, a spokesman for the state Department of the Treasury.
The investment division, part of the Treasury Department, is responsible for investment management for the seven state pension funds within the New Jersey Pension Fund, Trenton.
“At the moment, we have a detailed set of regulations on the books — over 100 pages — on how we make investments,” Mr. Quinn said in an interview. “We want to make the information more accessible and user friendly.”
Mr. Quinn said the division, which announced its intention at a Jan. 17 meeting of the State Investment Council, is expected to take two to three months to prepare the investment policy statement. The division will present its proposal for review by the council, which formulates investment policies for the division of investment and consults with the division director.