When public pension boards consider new asset classes, it's usually because the investment staff has nudged the trustees, who often are teachers, cops or others with less-than-expert knowledge of finance. In Oregon, lately, it's been another story. The six-person Oregon Investment Council, which oversees the state's $58.2 billion Public Employees Retirement Fund, is dominated by investment pros. Since last summer they have been prodding a reluctant staff to consider investing in hedge funds and have asked for a formal recommendation on January 31.
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