PhillyDeals: State pension board made expensive bet on hedge funds
Posted on Sun, Jan 27, 2013
It was an expensive throw of the dice: Back in 2006, the Pennsylvania State Employees Retirement System (SERS) and its board, headed by ex-state Rep. Nicholas Maiale (D., Phila.), gave more than $3 billion to six private investment firms so they could use it to buy high-priced hedge fund investments, in hopes of fat profits.
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