Pension board wants better hedge fund results – In a move to save $30 million in fees and improve investment results, the state pension fund is looking to cut middlemen out of its approach to hedge fund investing.

The pension board yesterday voted to start investing directly in hedge funds, rather than farming out those decisions to so-called funds-of-funds, which tend to be secretive and costly. About 8 percent, or $3.6 billion, of the retirement fund’s $48.3 billion in assets is currently invested with hedge funds, all of it through funds-of-funds that spread money across a number of hedge funds.

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