A diversification play
With a liability gap of around $30 billion, the US state of New Jersey is hoping a strategic shift into alternative assets will help its beleaguered pension plans. Jayne Jung reports on the scheme's measures to reallocate its assets
New Jersey's state governor, Jon Corzine, vowed in his January inauguration speech to work towards restoring the state's ailing pensions system, saying that it's time to "get back on a path to full funding of public employee pensions".
The brevity of the former Goldman Sachs chief executive's comment belies the severity of the shortfall New Jersey faces. Current estimates put the gap in assets and liabilities in the state's public pension plans at around $30 billion - a deficit that forced the
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