(Bloomberg) About five years ago, Kentucky started investing some of its public-employee pension money with hedge funds. Sure, fees were high but the funds came with the lure of high returns and could serve as a buffer if the market tanked.
By early November, Kentucky officials had had enough. They voted to start yanking $800 million from hedge funds including Pine River Capital Management and Knighthead Capital Management.
Hedge-Fund Love Affair Is Ending for U.S. Pensions, Endowments
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