New York City Employees Retirement System trustees passed a resolution yesterday freezing its $260 million investment in tobacco company stocks. There will be no additions of tobacco stocks to the $37.4 billion pension fund's Russell 3000 index portfolio.
Public Advocate Mark Green, a trustee, abstained from the vote because he favored complete divestment of tobacco stocks.
NYCERS' active equity managers have sold all tobacco holdings except a small amount of Phillip Morris Co.
Oregon Public Employes Retirement Fund, Salem, committed $75 million to TSG Capital Fund III, which will seek to acquire controlling or leading equity interests in established companies that have strong market positions.
Pacific Corporate Group, the $29 billion pension fund's alternative investment consultant, assisted. The fund has a current commitment to alternative investment assets at 11% and a target range of 5% to 15%.