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New York Lost $3.8 Billion To Hedge Fund Fees, Underperformance

New York State’s pensions have spent $1 billion on hedge fund fees in the past  eight years. The result? Some $2.8 billion in underperformance. That’s according to a scathing 20-page report by New York’s Department of Financial Services, which blamed “extravagant fees” and hedge funds’ lagging behind their benchmarks. Moreover, it found that the pensions had used equity mangers (with a global reach), it could have seen $2.
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