New York’s public pension scheme was weighing whether to boost its allocations to overseas markets as Donald Trump’s erratic policy measures upended the outlook for global markets.
Steven Meier, chief investment officer for the New York City pension systems, which manage about $290bn of assets for the city’s municipal workers, told the Financial Times he was considering a “gut check” review of its asset allocation at the end of the year.
“There’s been a lot of changes in policy in Washington the last few months. Those policy changes have raised the level of uncertainty and volatility in the marketplace,” Meier said, adding that the changes may affect the fund’s underlying assumptions concerning GDP growth, inflation, productivity, government spending and private capital flows.