Treasurer Torsella Praises PSERS Move to Fire Wall Street Managers
Pension fund to fire several underperforming managers; Torsella has advocated for reduction in risky high-fee investments at fund
Harrisburg, PA - State Treasurer Joe Torsella today issued the following statement, after a recent commitment by the Pennsylvania Public School Employees Retirement System (PSERS) to pull approximately $2 billion from expensive and underperforming Wall Street money managers. The move comes after years of strong advocacy by Treasurer Torsella to move away from so-called “risk parity” hedge funds and other expensive “alternative” investments, and to consider lower-cost and more transparent investment options.