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Pension fund fires 2 money managers

Boston Globe – The Massachusetts state pension fund fired two money managers yesterday for poor performance, including one that had lost $12 million investing with accused swindler Bernard L. Madoff.

Austin Capital Management, which had managed $170 million in state retirement funds, was fired after it lost $40 million, including the money invested with Madoff and $28 million from market declines. The state withdrew its remaining $130 million from Austin, which runs a "fund of funds," a middleman that takes investors’ capital and spreads it among other money managers, including hedge funds.

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