Hedge Funds Leave U.S. Pensions With Little to Show for the Fees
- Fortress, Bain among companies that shuttered funds in 2015
- With 0.4 percent gain, firms set for worst year since 2011
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Here’s what U.S. state and city pension funds are getting this year for the hundreds of millions of dollars in fees they’re forking over to hedge funds: almost nothing.
The investment pools gained 0.4 percent through November, putting them on pace for the worst year since 2011, according to data compiled by Bloomberg. The industry’s struggle was underscored over the past two months as BlackRock Inc., Fortress Investment Group and Bain Capital closed hedge funds after running up losses.