New York pensions pull $275 million from Shamrock Capital Advisors
| August 15th, 2010 |
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The New York City Comptroller’s office has revealed that Shamrock Capital Advisors, the investment advisor that recently garnered losses of 22.8%, would no longer manage assets for the City’s pensions. The activist focused manager had managed $275 million for four New York City pension funds that benefit firefighters, civil employees, police officers, and teachers. According to Bloomberg, Shamrock Capital Advisors and its Shamrock Activist Value Fund were among the six investment managers fired by the City Comptroller in April.
Shamrock Capital’s former portfolio manager Denis Johnson, who recently resigned, has also been blamed for the fund’s catastrophically poor performance. To make up for the losses and ensure that the funds are still able to pay benefits, New York City will provide the funds with $7.6 billion this year.
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For Detailed Investor Profiles on these Investors, click below: |
| Roy E. Disney; | Stanley P. Gold | | Holdings of California Inc; | Shamrock Activist Value Fund; | Shamrock Capital Growth Fund; | Shamrock Hostmark Hotel Fund; | Shamrock India Partners LLC; | Shamrock Israel Growth Fund; | Shamrock Israel Tax-Exempt Growth Fund; | Trefoil Triad Investors LP | More Recent Headlines
