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NYCERS invests in Israel

September 22, 2008

by Giovanni Legorano 19 September 2008>br /> Global Pensions

by Giovanni Legorano 19 September 2008>br />
Global Pensions


US - New York City Employees’ Retirement System (NYCERS) has bought US$15m of State of Israel fixed rate two-year bonds from the Development Corporation for Israel.

The move is the third direct purchase of bonds from the State of Israel by a New York City pension fund system. In 2003, the Teacher’ Retirement System (TRS) purchased US$5m in State of Israel bonds. TRS made a second US$5m purchase in 2004.

The purchase of these bonds will strengthen and diversify the NYCERS portfolio, assist the State of Israel, and demonstrate our continued confidence in Israel’s economy,” said New York City comptroller William Thompson.

He added: “I am proud that the New York City pension funds have been able to serve the best financial interests of their members while furthering a tradition of support for a great ally. Friends and supporters of Israel in the United States helped create the economic foundation that has allowed Israel to grow into a strong and vibrant nation.”

Earlier last week, the Washington Superior Court Judge Steven Gonzalez ruled a ballot initiative demanding the Seattle Employees’ Retirement System (SERS) divest from companies involved with Israeli occupied territories or based there was invalid.

September 22, 2008
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