By Justin Baer
Goldman Sachs Group Inc.'s asset-management arm has joined with
a New York public-employee pension fund in a $2 billion portfolio
of stocks.
Under the agreement, New York State Common Retirement Fund
earmarked $2 billion to a group of equity money managers. Goldman
will in turn pick the managers, while also advising the New York
pension on other stock investments, the state Comptroller's Office
said Wednesday.
It is the first partnership of its kind for the pension fund,
which oversees $180.7 billion on behalf of more than a million
government employees and retirees.
Goldman's deal with New York marks the latest pact between large
public pensions and outside money managers, private-equity and
hedge-fund managers.
"Working closely and creatively with GSAM's team and their
resources will extend the reach of the fund's global investment
team." Vicki Fuller, chief investment officer at the retirement
fund, said in a statement.
Write to Justin Baer at justin.baer@wsj.com
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