NY Comptroller Releases May 2010 Pension Fund Report

By Dave Lucas

Albany, NY – New York State Comptroller Thomas P. DiNapoli has released the May 2010 Pension Fund Report, at a time when economic uncertainty prevails around the globe. Capital District Bureau Chief Dave Lucas spoke with the Comptroller about the report and the how it has been impacted by the BP Oil Spill in the Gulf.

As trustee of the state's $133 billion public employee pension fund, Tom DiNapoli publishes monthly transaction reports that detail the nature, size, and parties of Fund investments. For the month of May the fund closed 11 transactions totaling a combined $22.4 million dollars. The report reflects DiNapoli's ongoing commitment to increasing transparency and openness in the operations of the pension fund.

The Fund closed 10 transactions in its real estate portfolio totaling $14.9 million and one transaction in its private equity portfolio worth $7.5 million. The comptroller has brought in private sector attorneys in an effort to become the lead plaintiff in a federal class-action lawsuit by investors against BP over the Gulf of Mexico oil spill. DiNapoli claims the British oil company deliberately misled investors about the safety of its operations.

A spokesman for BP says the company does not comment on lawsuits.

DiNapoli also cited the slowness of the economic recovery, the jobless rate and the state of global economy, as factors influencing his management of the pension fund.

Click here to access the report.