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The Capital Tide Ebbs

The flood of money into hedge funds is starting to slow. But our fourth annual ranking of the world's biggest multimanager hedge fund firms shows that it certainly hasn't stopped.

Click here to see the ranking. Earlier this year the City of Baltimore Employees' Retirement System made its first foray into absolute-return investing, allocating a small chunk of its assets to three funds of hedge funds. And as has often been the case with U.S. pension funds, the $1.2 billion plan

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