BlackRock Chief Executive Officer Laurence D. Fink, who last year said he would invest 100% of his personal wealth in equities, said pension funds won’t meet their liabilities unless they put more money in stocks.

“I do believe most plans that I know have underinvested in equities,” Fink said today at the National Association of State Treasurers Issues Conference in New York. In a low interest rate environment, increasing stock holdings is the only way for pension funds to meet their obligations, he said.

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