To the editor:
This past year has been difficult for many Utahns. A global pandemic and ensuing have impacted our day-to-day lives and, for many, created questions about the future. As we finally look to recover from the havoc of the last 14 months, it’s incredibly disappointing to see some of our elected officials propose new measures that hurt hedge funds, a misunderstood but highly important aspect of Utah’s economy. While hedge funds exist on Wall Street, they deliver for ordinary Utahans and Americans. One of Utah’s most prominent institutional investors in hedge funds is the Utah State Retirement Systems, which invests $5.18 billion in hedge funds for 224,290 participants covered by eight different pension plans. Institutional investors in hedge funds are often pensions, charities and university endowments. Hedge funds grow their investments, which lead to more economic benefits for their underlying beneficiaries. As a result of hedge fund money management, retirees have a secure financial future, charities receive vital funding, and aspiring students receive college scholarships. Misguided regulatory proposals aimed at hedge funds will only hurt ordinary Utahns. Hedge funds aren’t isolated actors working alone on Wall Street. They are complex financial entities making smart investments on behalf of Main Street America. As we look to get our economy back on track, it’s vital that our nation’s elected officials recognize the true value of hedge funds.