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Staying Alive

The fund-of-funds industry has endured a major shake-up over the past four years, but some of the top 50 managers have shown the skills to adapt to the new climate.

      After more than five years of deliberation, the $115 billion New York City Retirement Systems finally took the plunge and began the process of investing in hedge funds. For its first step, in March 2011, three of the funds that make up the municipal system invested a combined $450

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