Calpers: Making hedgies edgy

Hedge funds are on the back foot. And the California Public Employees’ Retirement System is piling on the pressure. The giant US pension fund wants more control over its hedge fund investments. One specific idea: managed accounts. Calpers isn’t the first into this fight, but its weight will make a difference. After losing gobs of money and investors in 2008, hedge funds are likely to see more withdrawals as the quarter-end arrives tomorrow. Add the Madoff scandal and heightened attention from re...