Oct. 11 (Bloomberg) -- New Jersey’s pension-fund assets grew an estimated 4.5 percent for the first quarter of the fiscal year, to $71.8 billion, according to a state investment council report.
Global-growth assets gained 6.1 percent, followed by income assets, which increased 3 percent. Risk mitigation was the worst-performing category, gaining 0.3 percent.
New Jersey’s fund managers said they expect higher returns when assets in the police and firefighters system, which lag behind the others, are added to the results.
The funds are managed by the state investment division, which oversees seven benefit pools for more than 780,000 current and future retirees.
The Standard & Poor’s 500 Index of stocks for the period, July 1 to Sept. 30, returned 6.4 percent, including reinvested dividends, according to data compiled by Bloomberg.
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