New Jersey Pension Fund Discloses BP Profit
Should other pension funds do the same?
BY Caroline Cakebread | June 17, 2010
(Pensions and Investments) New Jersey’s $68.9 billion public pension fund earned a $5.5 million profit from its investment in BP PLC, selling about half of its holdings before an April 20 explosion at the British oil giant’s offshore well in the Gulf of Mexico caused a massive and continuing oil spill.
Andrew Pratt, communications director for the New Jersey Department of Treasury, said the department’s Division of Investment, Trenton, which manages investments for seven public retirements systems within the state pension fund, began selling BP shares in early January and completely ended its ownership of BP stock by May 11.
The pension system bought BP shares over several years, ending in September 2009, he said in an interview. With a cost basis of just under $460 million and total share sales amounting to about $465 million, the pension system earned about $5.5 million. Read the full story here.