City Pension Board Votes Against Charter Backer’s Hedge Fund

March 19, 2015
By LaborPress

The New York City Employees’ Retirement System has rejected a proposal to invest pension-fund money in Gotham Asset Management, a hedge fund owned by charter-school backer Joel Greenblatt. Greenblatt is a cofounder of the Success Academy charter chain run by Eva Moskowitz, who has frequently butted heads with both the United Federation of Teachers and Mayor Bill de Blasio.

The 11-member board, which includes representatives from District Council 37, Transport Workers Union Local 100, and Teamsters Local 237 made the decision Feb. 24. A division of the city comptroller’s office had suggested the hedge fund as a high-yield investment, but the board may have had concerns about charters undermining union labor. “We’re confident that the NYCERS board members voted in the best interest of their members,” United Federation of Teachers President Michael Mulgrew said. Read more

March 19, 2015

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