Mass. pension board fires Austin Capital

BOSTON – The Massachusetts Pension Reserves Investment Management Board, which oversees $38 billion, fired hedge fund firm Austin Capital Management after losing $12 million with alleged Ponzi scheme operator Bernard Madoff, Bloomberg News reported last week.
The state pension board voted at a meeting in Boston to end its $130 million in investments with the Austin, Texas-based firm, which allocates assets to hedge funds.
Austin invested with Tremont Partners, a hedge fund unit of Massachusetts Mutual Life Insurance Co. Tremont placed money with Madoff, the New York financier accused of fraud in a scheme that may have cost clients $50 billion. &#8226