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NYS invests $1 billion of retirement fund in own backyard
ALBANY -- New York State is getting a 20% return on investments made in their own back yard, that according to a report by New York State Comptroller Thomas DiNapoli.
New York State has set aside $1.08 billion of its retirement system to invest in companies in New York. Already $684 million has been invested in 252 companies. A profit of $120 million has been made after the state exited their investments with 71 companies, the comptroller`s report shows.
New York has assets all over the world with an estimated retirement system valued at $160 billion.
However, DiNapoli says investing in New York State helps create jobs and is providing an average return rate of 20%.
Investments with state companies spreads over 10 regions with the highest volume in New York City where 167 companies have received $278 million.
In the Capital Region 13 companies received $75 million.
Mark Cattini, CEO of Autotask in East Greenbush, said Tuesday the state`s investment has helped his company to expand while creating and retaining jobs.
"We have used the money for a whole series of things, hiring people, investigating in the capital equipment, hiring internationally," Cattini said. "Without it we would not have had a business, we would have had to go somewhere else."
The state is still looking to invest nearly $400 million to companies in New York, DiNapoli said.