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Oct 17 (Reuters) - New York State Department of Financial Services
* "high fees and underperformance" of CRF's hedge fund investments have cost pension system $3.8 billion over last 8 yrs
* Report finds NYS comptroller-managed CRF pays "exorbitant fees for poor hedge performance"
* NY state common retirement fund for years invested pension system funds in "high-cost underperforming hedge funds"
* New York State common retirement fund for years invested pension system funds in "nontransparent private equity funds"
* Report finds comptroller's office has not put into place adequate controls to address transparency issues with system's investments in private equity
* Considering regulatory reforms for hedge fund investments,reforms proposed in report to address lack of transparency of private equity investments
* Report finds comptroller over relied on so-called "active" management by outside hedge fund managers, who charged "huge fees" Source (on.ny.gov/2dWiFKt)