Bloomberg – Michael Trotsky, like many other investors in hedge funds, is tired of paying superstar fees for mediocre returns. As chief investment officer of the $59.1 billion Massachusetts Pension Reserves Investment Management Board, he’s in a position to do something about it.
The Boston-based pension plan has about $6 billion spread among 23 firms including Bill Ackman’s Pershing Square Capital Management LP, Brevan Howard Asset Management LP and Cantab Capital Partners LLP. As Massachusetts seeks to add as many as eight more managers within two years, Trotsky wants to strike a harder bargain.
