Oct 17 New York State Department of Financial
* "high fees and underperformance" of CRF's hedge fund
investments have cost pension system $3.8 billion over last 8
* Report finds NYS comptroller-managed CRF pays "exorbitant
fees for poor hedge performance"
* NY state common retirement fund for years invested pension
system funds in "high-cost underperforming hedge funds"
* New York State common retirement fund for years invested
pension system funds in "nontransparent private equity funds"
* Report finds comptroller's office has not put into place
adequate controls to address transparency issues with system's
investments in private equity
* Considering regulatory reforms for hedge fund
investments,reforms proposed in report to address lack of
transparency of private equity investments
* Report finds comptroller over relied on so-called "active"
management by outside hedge fund managers, who charged "huge