NYC Pension Votes to Scrap $1.5 Billion Hedge Fund Portfolio

  • 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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