New York State Common Retirement Fund, Albany, will divest its holdings in Russian securities, Thomas P. DiNapoli, the state comptroller and the sole trustee of the $279.7 billion pension fund, said March 25.
"As Russia's already weak economy plunges toward economic crisis, we are protecting our state pension fund by divesting our minimal investments there and restricting any further investments in Russian companies," Mr. DiNapoli said in a news release.
On March 25, the pension fund cited $27.1 million in equities and fixed income securities for divestment, Matthew Sweeney, a spokesman, wrote in an email. It's "no surprise" that the valuation "is a moving target given all that's happening," Mr. Sweeney wrote.
On March 1, Mr. DiNapoli said the pension fund would freeze all new investments in Russian companies and review all existing investments. At the time, the pension fund identified $111 million in Russian securities.
The news release said the securities to be divested "are to be sold in a prudent manner and time frame, consistent with the comptroller's fiduciary duty."
