Houston pension fund buys crypto, an asset 'we could not ignore'
State and local government pension funds are a powerful force in investing, overseeing more than $5.5 trillion in assets.
By Danielle Moran|October 21, 2021 at 03:57 PM
Thank you for sharing!
Your article was successfully shared with the contacts you provided.
(Bloomberg) — The pension fund for Houston’s firefighters is tip-toeing into cryptocurrency investing. The Houston Firefighters’ Relief and Retirement Fund, which has $5.5 billion of assets, said it invested $25 million in Bitcoin and Ether through NYDIG, a Bitcoin-focused subsidiary of asset manager Stone Ridge.
“I see this as another tool to manage my risk,” said Ajit Singh, the chief investment officer for fund. “It has a positive expected return and it manages my risk. It has a low correlation to every other asset class.”
Complete your profile to continue reading and get FREE access to BenefitsPRO.com, part of your ALM digital membership.
Your access to unlimited BenefitsPRO.com content isn’t changing. Once you are an ALM digital member, you’ll receive:
Critical BenefitsPRO.com information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events.
Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
61% of employers surveyed consider caregiving benefits to be a top priority for their business and employees, yet 22% consider themselves as below average in developing caregiving benefits. Download this info sheet to help your clients remain competitive by offering a care benefit package.