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N.j. Pension To Cut Hedge Fund Exposure 50% Amid High Fees

by bloomberg.com posted 2weeks ago 16 views
The New Jersey State Investment Council unanimously voted to cut its target allocation to hedge funds in half, reducing investments in these partnerships to about $2 billion. The pension fund approved the plan on Wednesday to trim the exposure to 3% from 6% under pressure from labor unions looking to reduce fees to investment managers. The state’s hedge fund allocation had a market value of $4.3 billion as of April 30. “Several members had concerns about this over the last several years,” said Eric Richard, one of the council’s union members.

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