Dallas public retirement funds have millions in Russian investments

The asset management firm for the City of Dallas’ retirement fund is planning to manage or reduce investments in Russia, according to a memo sent to the city council.

Why it matters: Leaders in cities and states across the country are pushing their public pension funds to divest from Russia in response to the invasion of Ukraine.

• Dallas has more than $7 million in its public retirement funds tied to Russia.

Flashback: Dallas suspended its ties with its Russian sister city last week, and leaders asked whether the city’s retirement funds had any links to the country.

Yes, but: Investments in Russia make up less than 1% of the city’s retirement fund. Same for the Dallas Police and Fire Pension System.

• The employee retirement fund’s Russian holdings are valued at about $3.5 million.
• The Russian holdings in the police and fire pension are valued at $3.7 million.

The intrigue: The police and fire pension is invested in an emerging market fund with Ashmore, which bet big on Russia.

• Two of Ashmore’s biggest retail funds have dropped more than 10% in the past three weeks, according to Bloomberg.