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Knoxville Pension Recovers from UBP Loss

Knoxville Pension pursues hedge fund strategy despite Union Bancaire Privée losses.

Burned by a nearly $1 million loss through a Union Bancaire Privée fund of hedge funds that invested with Bernard L. Madoff Investment Securities, the Knoxville [Tennessee] City Employees Pension Fund has pulled the remainder of its $16 million investment with the Geneva-based banking giant. But that doesn’t mean it

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