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Teachers’ union hits out at hedge fund managers who support groups that attack traditional pensions

Thursday, April 18, 2013

From Komfie Manalo, Opalesque Asia – The American Federation of Teachers, the second largest teachers' union in the U.S., is set to release today a report listing at least 34 hedge funds executives and other investment firm whom they say support groups that attack traditional pensions despite getting allocations from public pensions.

In a report by The Journal, it said that the teachers’ union accused several prominent hedge fund managers of making contributions or helping organizations that have a hostile stance toward traditional public pensions.

Michael Powell, an assistant to the union's president, Randi Weingarten was quoted as saying, "Does the American Federation of Teachers think they should divest [from firms named in the report?] The answer would be yes."

The group called on the trustees of public pension funds to revisit their relationship with hedge fund managers and executives of investment firms that were on the list and urged them to be very selective when allocating their money with a specific fund manager.

The American Federation of Teachers is estimated to have an aggregate asset size of $800bn and its members are across the U.S.

Jay Rehak, president of the Chicago Teachers’ Pension Fund told The Journal that he has serious reservations against "people thinking they can play both sides." He accused those executives on the list ......................

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