The New Jersey Investment Council voted to cut its target allocation to hedge fund managers by 52 percent, following similar moves by pensions in California and New York. The New Jersey council on Wednesday unanimously approved a fiscal 2017 plan that calls for reducing its hedge fund exposure to 6 percent from 12.5 percent amid pressure from labor unions to reduce fees to the investment managers. New Jersey had $9.1 billion committed to investments in hedge funds as of May 31, according to investment reports.