Dallas
ILLINOIS'S largest public pension agrees with Bill Gross's admonishment that it's time to face up to the reality of lower returns and reduce assumptions about what funds can make off stocks and bonds.
Fund managers who have been counting on returns of 7 per cent to 8 per cent may need to adjust that to around 4 per cent, Mr Gross, who runs the US$1.5 billion Janus Global Unconstrained Bond Fund, said during an Aug 5 interview on Bloomberg TV. Public pensions, including the California Public Employees' Retirement System, the largest in the US, are reporting gains of less than 1 per cent for the fiscal year ended June 30.
Illinois's largest state pension, the US$43.8 billion Teachers' Retirement...
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