Institutional Investors

New Jersey strikes fee bargains to save $40m

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The New Jersey Division of Investment announced that it has negotiated fee savings of $40 million across its alternative investment portfolio over the next five years.

Officials didn’t specify how much of the fee savings came from the hedge fund portfolio, but staff had been working to renegotiate fees with its managers for some time.

Tim Walsh, director of the division, said that negotiations began with managers at the start of the fiscal year 2011 because he believed that it was the opportune time to leverage the state’s alternative investment relationships.

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