MASS;Pension board fires Austin Capital over Madoff loss

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Pension board fires Austin Capital over Madoff loss
By Herald Wire Services
Tuesday, February 3, 2009 -
The Massachusetts Pension Reserves Investment Management Board, which oversees $38 billion in state pension funds, fired hedge-fund firm Austin Capital Management after losing $12 million with alleged Ponzi scammer Bernard Madoff.

The state pension board voted today 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 an alleged $50 billion Ponzi scheme