US pension fund chief trader talks ETF risks and benefits
Michael Clements of the $27 billion Employees Retirement System of Texas talks about the ETFs he trades and whether he sees index-based herding as an issue.
The Employees Retirement System of Texas has $27 billion under management. Michael Clements is its chief trader; his desk handles everything except individual bonds. The Austin-based pension fund has been trading exchange-traded funds for five years and Clements has been with it for 16 years.
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