Citigroups plan to buy Wachovia Corps banking assets for $2.1 billion, with the government sharing in mortgage-related losses, is more bearish news for big public pension funds that hold the Charlotte-based companys shares. In late afternoon trading, Wachovias share price was below $2, down more than 80% from Fridays close.
The $161 billion New York State Common Retirement Fund, Albany, topped the list of institutional holders, with 8.7 million shares, according to June 30 13-F filings quoted by Bloomberg. Jim Fuchs, a spokesman for New York State Comptroller Thomas DiNapoli, who oversees the fund, said as of Sept. 19, those holdings came to 8.5 million shares.
Next in line, with 6.9 million shares as of June 30, was the $99 billion New York State Teachers Retirement System, Albany.
In third place was the $223 billion California Public Employees Retirement System, Sacramento, with 6.5 million shares as of June 30, although spokesman Clark McKinley said as of mid-September, CalPERS held roughly 8.3 million shares worth about $95 million.
The $173 billion Florida State Board of Administration, Tallahassee, had the fourth most shares of Wachovia as of June 30, with 4.9 million shares.
Its way too early to tell what the impact of the Citi-Wachovia deal would be to the FSBA, said spokesman Dennis MacKee.
The $78 billion Ohio Public Employees Retirement System, Columbus, held 4.3 million shares, the fifth highest total.