$1.8 Billion Loss Spooks Pension Board

Some board members were miffed that they weren't told about the loss. The U-T paraphrases a pension consultant as saying it "conducts extensive reviews of the investment managers it recommends but routinely excludes some details from their reports to clients."


$1.8 Billion Loss Spooks Pension Board

The board that oversees the county employee pension system declined to invest $100 million with a fund run by a trader [Boaz Weinstein] who lost $1.8 billion in controversial investments three years ago, the U-T reports. According to HFMWeek, a magazine for hedge fund managers, the firm targets net returns of approximately 15%.

Some board members were miffed that they weren't told about the loss. The U-T paraphrases a pension consultant as saying it "conducts extensive reviews of the investment managers it recommends but routinely excludes some details from their reports to clients."

Media stories about the trader and his epic 2008 problems are among the first hits on a Google search of his name.