Boston Business Journal – In an effort to avoid millions in management fees, the state pension board plans to invest more directly in hedge funds, rather than through aggregators of hedge funds.
The Massachusetts Pension Reserve Investment Management Board is poised to drop four of the five fund-of-funds managers that have been managing a combined $5 billion and move most of the money to individual hedge funds, state Treasurer Streve Grossman said in an interview with reporters after addressing a gathering of the Greater Boston Chamber of Commerce .
