Pension Board pulling $50 million out of stock market
Update: The Officer of City Controller Alan Butkovitz says the board has established an executive committee to oversee the tactical fund created today when the board pulled $50 million from the market. The money will be put in cash, long or short selling, until the market is stable. Butkovitz will sit on the committee.
Original report: Philadelphia’s Pension Board has decided to pull $50 million out of the stock market, reporter Tom MacDonald tells us, and will decide on Wednesday how to reinvest.
The decision comes as a response to the volatile stock mark, and as the Daily News reported yesterday, the city’s $4 billion fund has lost about $120 million through last Friday.
Tom will have more details later.
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