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New York City continues hedge fund expansion

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Three New York City retirement systems have now made initial hedge fund plays via Permal Group.

In the last month, the New York City Employees’ Retirement System board unanimously approved a $250 million allocation to funds of hedge funds Permal Group, following the New York City Police Pension Fund trustees unanimously selecting Permal Group ($150 million) as its first hedge fund investment. Most recently, the $7.6 billion New York City Fire Department Pension Fund board of trustees voted to approve a $50 million allocation to Permal Group in order to further diversify the