New York City's Public Advocate Just Told Hedge Funds To Shove It

NEW YORK (Reuters) - New York City's largest public pension fund voted on Thursday to unwind all of its hedge fund investments in a sign of the growing dissatisfaction with the asset class in the $4 trillion public pension fund sector. The board of the New York City Employees Retirement System (NYCERS) voted to "liquidate NYCERS hedge fund investments as soon as practicable in an orderly and prudent manner" and "cease future hedge fund allocation." The move by the fund, which had $51.2 billion in assets as of Jan.