Texas Pension Giant Which Needed 35 Yrs Of 8% CAGR To Be 100% Funded, Slashes Expected Returns

As Harvey hits Texas hard in terms of lives and finances, more bad news (not to compare the scale of the two) came from the state from the giant known as Employees retirement system of Texas

As markets gradually transition from the tranquil landscape painted by central bank quantitative easing and some of the lowest volatility in market history – 89% of futures markets experienced a contraction of volatility in the first half of 2017 – forward looking investment managers assess the potential for lower returns with risk swirling all around. In perhaps a sign of the times, the $26.9 billion Employees Retirement System of Texas ' board of trustees voted on Wednesday to lower its...