Yesterday’s New York Times Business section carried a long article written by Julie Creswell about some murky doings at the South Carolina Retirement System. Ms. Creswell explained how South Carolina hired a guy called Bob Borden to act as chief investment officer for its pension system pension plan. Borden began his job in 2006 and immediately set to work to transform the conservatively run plan into something more in tune with the latest thoughts from Wall Street.
When Robert L. Borden became the CIO of the South Carolina Retirement System Investment Commission in 2006, the account had 52.6% in domestic equities, 46.6% in set income and 0.8% in cash. For the five-year period ended March 31, 2006, the account returned 20 basis factors above its policy benchmark. During his tenure, Mr. Borden changed the asset allocation.
Think of it: the Fund was invested approximately 50/50 between stocks and bonds when Borden began. Boring, yes, but very effective. But that’s not what Mr. Borden does, as P&I wrote. And yesterday’s New York Times piece shows that the only ones that truly benefited from the asset allocation changes were Borden and the managers of the alternative investment options.
- Blue Chips Stable company because of recurring income
- Can I transfer my postoffice savings account in one postoffice to any other post office
- (pp. 193-212)
- I have 7 shares with a dividend produce greater than the historical high dividend yield,
- A attorney who represented a client in an incident similar to the Massachusetts