Connecticut Treasurer Denise L. Nappier said she will review the state pension fund's investment in MetLife Inc. because of layoffs expected in Hartford as part of MetLife's $11.5 billion acquisition of Travelers Life & Annuity from Citigroup Inc.
"The state pension fund is a long-term investor in MetLife, so I am troubled by any company policy that could be adverse to the best interests of Connecticut and thereby the well-being of our pension fund, which is inextricably linked to the health of our state's economy," Ms. Nappier, principal fiduciary of the $20 billion Connecticut Retirement Plans and Trust Funds, Hartford, said in a statement. "It may very well be that the performance of our pension fund investments in this company does not outweigh the harm it can do by laying off so many jobs in our state."
The fund owns about $12.5 million in MetLife stock and $2.7 million of the company's bonds.
John Calagna, a MetLife spokesman, said company officials have been in discussions with the staff of Gov. Jodi Rell. Talks are also being held with Susan F. Cogswell, Connecticut insurance commissioner, who must approve the deal, and Hartford Mayor Eddie A. Perez. Mr. Calagna called the discussions "productive" but declined to comment on the number of potential layoffs.
