Money is safe.
COUNCIL workers in Northumberland have been told that pounds 8.2m of their pension money is safe after fears that it could be caught up in the Lehman Brothers bankruptcy.Bosses at Northumberland County Council stressed that the pension money they have invested in the Lehman Crossroads Fund XVIII is not part of Lehman Brother Holdings Inc, but added that because of the volatile state of the world's financial markets they are keeping a close watch on the situation.
Northumberland Pension Fund's investment in the private equity fund was valued at EUR14.6m dollars on September 30. A council spokesperson said: "They were not part of the bankruptcy filing. These funds are therefore safe."
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| Publication: | Evening Chronicle (Newcastle, England) |
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| Date: | Oct 23, 2008 |
| Words: | 114 |
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