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December 9, 2016

STATEMENT BY DFS SUPERINTENDENT MARIA T. VULLO REGARDING COMPTROLLER DINAPOLI'S RESPONSE TO PENSION SYSTEM REPORT

DFS today has received the Comptroller's response to DFS's report dated October 17, in which DFS found that the Common Retirement Fund paid exorbitant hedge fund fees over the past 8 years, for underperforming investments. We will of course analyze the response in its entirety. We note that the response does not dispute, because it cannot, that the CRF has paid high hedge fund fees while performance has lagged other widely-used avenues for diversification and volatility-management. We are pleased that the Comptroller has stopped investing new money in hedge funds, and is reducing the allocation. DFS remains steadfast in its commitment to independent review and reporting, and to public transparency of important issues.

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Department of Financial Services

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