(Crain’s Chicago Business) The Illinois State Board of Investment, one of the state’s biggest pension funds, soon will have jettisoned all but its best performing hedge funds because of low returns and high fees. Over the past 18 months the pension fund has fired 65 hedge fund managers, and it will cut some of the remaining 17 as well, leaving it with just the best-performing funds that are reclassified by their strategies, such as stock investing. “Hedge funds have not generated returns justifying the fees,” said ISBI Board Chairman Marc Levine, who has overseen the near elimination of $1 billion invested by ISBI in hedge funds.
Big State Pension Takes a Hatchet to Hedge Funds
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