COLUMBUS, Ohio (AP) -- Ohio's public pension systems are switching who handles their $41 billion in combined international investments as the state treasurer tries to separate those investments from banks hired under his predecessor's administration, which is under investigation.
The Dayton Daily News (http://bit.ly/16L9jaU ) reports retirement fund officials complain that the changes required by Republican Treasurer Josh Mandel (man-DEHL') are disruptive and could cost millions of dollars. He's forcing the systems to entrust their global assets to JP Morgan Chase or CitiBank instead of State Street Bank and Bank of New York Mellon.
A Mandel spokesman says the moves are meant to protect Ohioans' money amid the investigation and lawsuits against the replaced banks.
One fund, the Ohio Public Employees Retirement System, switches next month. The State Teachers Retirement System follows suit in December.
Information from: Dayton Daily News, http://www.daytondailynews.com