Mar 16, 2022 - News

Dallas public retirement funds have millions in Russian investments

Illustration of a Russian flag crumpled up into a ball.
Illustration: Aïda Amer/Axios

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.
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