Updated to better reflect latest figures:
As the stock market continues to fluctuate wildly, board members for the city pension fund today voted to liquidate a small portion of the $3.8 billion fund in an effort to protect against future losses.
At a special meeting today, the pension board today voted to move money from two recently terminated equity managers to a strategic fund that will be managed in-house. It could be held in cash, or invested, said the fund's Chief Investment Officer Sumit Handa. The rough amount of the new strategic fund discussed at the meeting was $50 million, but according to the pension board, the funds being cashed out most recently had a combined $40 million in holdings.
City Finance Director Rob Dubow said he thought this was the right move.