Garden State Warrior

Orin Kramer doesn’t back down from a challenge. In 2002 the hedge fund manager was appointed by then-governor James McGreevey to the New Jersey State Investment Council, the body responsible for overseeing investment strategy for the state’s $80 billion pension system. Backed by the McGreevey administration, Kramer won selection as chairman of the council in what one member described as “a hostile takeover,” and began immediately to push for a radical new investment approach that would thoroughly revamp its asset allocation strategy and require the state system...