NYC Pension Votes to Scrap $1.5 Billion Hedge Fund PortfolioBy
D.E. Shaw and Brevan Howard among managers to be fired
City joins those questioning high fees, lackluster returns
New York City’s pension for civil employees voted to exit its $1.5 billion portfolio of hedge funds and shift the money to other assets, deciding that the loosely regulated investment pools didn’t perform well enough to justify the high fees.
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