Daily News | How PSERS pension plan fell out of love with Bridgewater, the world’s biggest hedge fund
into the retirement plan by 100,000 working teachers and other school staff.As for PSERS’s overall performance, a 2019 report by a blue-ribbon Pennsylvania pension commission, a 2020 report by Pew Charitable Trusts and, most recently, a March report by a PSERS consultant, CEM Benchmarking, all ranked PSERS behind similar public funds.
Not coincidentally, Bridgewater has charged the pension plan among the highest rates the system pays, according to a study by another consultant. Verus Capital Partners, based in Seattle, told the board earlier this month that Bridgewater’s fees, as a percentage of money invested, dramatically exceeded more than 50 other comparable funds.
Much of that money has been used to attack Oz, who has come out swinging hard against McCormick, as shown by his news conference outside the PSERS offices. The hedge fund was founded in 1975 by a charismatic leader, Ray Dalio, who stepped away from the top job when McCormick became co-executive director in 2017 after joining the firm eight years before. McCormick became the sole executive in charge in 2020.
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