Man hand and word divestment Divesting from gun, oil, and other stocks ‘hasn’t made the world a better place,’ Christopher Ailman, chief investment officer of CalSTRS, the second-largest U.S. pension fund said at the 2018 Milken Institute Global Conference. (Photo: Shutterstock)

(Bloomberg) –Managers of the California State Teachers’ Retirement System and the New York State Common Retirement Fund said they oppose divesting from controversial companies because it doesn’t change corporate behavior.

“Divestment hasn’t made the world a better place,” Christopher Ailman, chief investment officer of CalSTRS, the second-largest U.S. pension fund with about $225 billion in assets, said Tuesday at the Milken Institute Global Conference in Beverly Hills, California.

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