BlackRock Fund-of-Funds to Get Up to $1 Billion From New Jersey

  • Pension system targeting lower fees from investment managers
  • State seeks to pay about 1% of assets and 10% of trading gains

The New Jersey State Investment Council voted to invest up to $1 billion in a separate account with BlackRock Inc.’s fund-of-hedge funds unit as part of an effort to tap lower fees from asset managers.

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