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NJ pension fund to withdraw $190M from Och-Ziff as part of hedge fund exposure reduction plan

The New Jersey Investment Council will pull out $190million from OZ Domestic Partners, a hedge fund managed by ,Bloomberg News reported Oct. 4, citing materials from the council's Sept. 28 meeting.

The pullout is part of ahedge fund exposure reduction plan at the pension fund to cut allocations tothe industry by 52%, according to the report. The state's pension fund stillhad $2 billion remaining with Och-Ziff in real estate, energy and credit fundsas of the end of June, the news outlet reported.

The meeting happened beforeOch-Ziff announced settlements of bribery investigations with the and the amounting to$412 million in total.