How Pennsylvania’s major pension plan fell out of love with Bridgewater, the world’s biggest hedge fund

Published by
The Philadelphia Inquirer

At the peak, the PSERS retirement plan gave almost $5 billion to Bridgewater Associates to invest, paying it among the plan’s highest fees, as well — nearly $700 million since 2004. Bridgewater was the plan’s biggest outside money manager. Bridgewater’s former chief executive David McCormick is proud of his years there. On his website touting his candidacy to represent Pennsylvania in the U.S. Senate, McCormick says he led “one the most successful investment management companies in the world.” But the PSERS pension fund has not always shared in that success. In the last two years, PSERS, the $…

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