Shifting into High Gear

The General Motors pension plan is doubling its allocation to hedge funds, making a bold $2.5 billion bet on the asset class. Money is already on the move.

General Motors Corp., the company that gave the world the Oldsmobile, the Buick and the Saturn, has long been known along Wall Street as more of an innovator in investment than in automobile design. In 1950 the Big Three carmaker shocked the pension world, and its button-down bond men, when it became the first major U.S.

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