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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.
New York Times Blogs – The inquiry into corruption at the New York State pension fund started simply enough. Alan G. Hevesi, the former comptroller, was accused of using state workers as chauffeurs for his ailing wife.
But by the time Mr. Hevesi resigned his office in late 2006, investigators for the Albany County district attorney’s office were examining a more troubling problem: allegations that Mr. Hevesi’s associates had sold access to the state’s $122 billion pension fund, using one of the world’s largest pools of assets to reward friends, pay back political favors and reap millions of dollars in cash rewards for themselves, The New York Times’s Danny Hakim and Mary Williams Walsh reported.
Democrat and Chronicle – The former chairman of the state Liberal Party was accused Wednesday of receiving at least $800,000 from the state pension fund as a kickback for helping elect former Comptroller Alan Hevesi and Hevesi’s son.
Raymond B. Harding, who for decades was the face of the now-defunct party, was charged with multiple felonies in violation of the Martin Act, the state securities-fraud statute, Attorney General Andrew Cuomo announced.
