SIC reallocating more than $7B in investments

New Mexico Business Weekly - The New Mexico State Investment Council is in the middle of what might be the biggest asset reallocation effort in the U.S., shifting more than $7 billion to different investments and investment companies, State Investment Officer Steve Moise said Wednesday. The SIC, which manages $15.2 billion in state funds, has fired more than a dozen asset managers in the past two years and replaced them, Moise said during a breakfast presentation to the Economic Forum of Albuquerque. In addition, the SIC has sued 17 people in an attempt to collect “tens of millions of dollars” in lost earnings and improper fees that resulted from alleged pay-to-play schemes that plagued the SIC during the administration of former Gov. Bill Richardson, Moise added. “We are going to sue others, we are going to sue funds and we are going to sue managers,” Moise said. “We hope to recover tens of millions of dollars. Time will tell.” Read More News New Mexico

SIC reallocating more than $7B in investments