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NY pension clips fund of funds stakes to $500 mln

Reuters – New York state’s pension fund has cut its so-called fund of funds investments to about $500 million from $5 billion since January 2008, after deciding direct investments were preferable, a spokesman said Tuesday.

Fund of funds invest money in hedge funds on behalf of their investors, and they helped the state gain access to "blue chip" funds when former Comptroller Alan Hevesi began using them in 2005, said Robert Whalen, a spokesman for the current Comptroller Thomas DiNapoli.

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