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Hedge fund drops Kentucky pension fund over ethics requirement

(Reuters) – A New York-based hedge fund is ending a $68 million investment by the Kentucky Retirement Systems, citing new code of conduct requirements imposed by the state, as well as ongoing litigation, the system’s executive director said on Thursday.

David Eager said the decision by Davidson Kempner Capital Management was a first for the $17 billion public pension system, which has been holding discussions with investment managers about adhering to CFA Institute code of ethics and standards of professional conduct as required by a 2017 Kentucky law.

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