Pequot Capital Management may have just bit the Dust.
Get ready for the next round of Forced Liquidations ?? Couldn't find the actual Wire yet.
N.Y. Cuts Pension Ties to 10 Fund Managers, Report Says
May 27, 2009, 7:56 am
The New York State comptroller, Thomas P. DiNapoli, is cutting ties with 10 hedge fund managers amid an ongoing pension corruption inquiry by the New York attorney general, Andrew M. Cuomo.
After a review of the state’s hedge fund program requested by Mr. DiNapoli in 2007, the pension fund has decided cut its ties with all external hedge fund managers, which handled more than 85 percent of the pension system’s hedge fund investments, The New York Daily News reported.
The move will cancel $5 billion investments in funds of hedge funds, and is expected to save the pension fund at least $40 million in fees a year, The Daily News said.
Four of the 10 firms that it has severed ties with were listed, but not charged, in an indictment brought by Mr. Cuomo’s office against two top associates to Alan Hevesi, the former comptroller, The Daily News reported. Those four are Consulting Services Group, HFV Management, Olympia Capital Management and Pequot Capital Management, it said.
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