Reuters – Massachusetts will remove $1.6 billion from hedge fund managers Blackstone, Crestline, EIM Management, and Strategic Investment Group as it shifts its investment strategy after suffering recent heavy losses.

Trustees for the roughly $40 billion fund voted on Tuesday to pull out of four firms that used portable alpha, a once popular technique employed by pension funds to beat markets that underperformed during the financial crisis.

“This is a strategic shift and not a dissatisfaction with the individual managers,” said the pension fund’s chief investment officer, Stanley Mavromates.

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chief-investment-officer, financial crisis, hedge-fund-managers, investment strategy, investment-group