Hedge Funds Make Last Place at $61 Billion Massachusetts Pension
- Ten year returns show they trailed all competing asset classes
- Other pensions have cut exposure as performance has lagged
Public Pensions Sour on Hedge Funds as Returns Drag
This article is for subscribers only.
Public pension funds have soured on hedge funds.
The New Jersey Investment Council last week voted to cut its target allocation to hedge fund managers by 52 percent, following similar moves by pensions in California and New York. The institutions are disappointed by the combination of high fees and modest returns the hedge funds have delivered.