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Auditor to review New Jersey pension investment strategy. (News Briefs).(due to losses to state employee pension funds)(Brief Article)
New Jersey State Treasurer John McCormac has hired Fiduciary Services Inc. to conduct a six-month review of the state's investment practices. Fiduciary Services Inc., a Washington D.C.-based auditing firm, was selected over nine other firms that competed for the $425,000 contract. The New Jersey state pension funds have been losing more than $1 billion a month. The value of the funds dropped from $82.6 billion at the end of June 2000 to $60 billion on August 31. The fund's performance over the last two years ...
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