So does Mr Rowland's claimed ignorance of Mr Alibozek's dealings, as well as his earlier protestations of surprise after the discovery that Paul Silvester, Mr Rowland's former state treasurer, was taking bribes for dishing out state pension-fund management contracts.
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Mutual fund giants like Fidelity Investments handle their own back-office work, but DST is by far the biggest player in the other 60% of the fund industry that contracts out.
The fund invests in futures contracts associated with U.S. dollars, euros, Japanese yen, Canadian dollars, Swiss francs, British pounds, Australian dollars, New Zealand dollars, Norwegian kroner and Swedish kronor.
They may have labor law expertise, but soon they begin advising fund boards on money management contracts and other investment issues.
The California Public Employees' Retirement System was recently ensnared in a scandal involving former directors who received millions of dollars from money managers to line up contracts with the fund.
While DBA is a fine fund, the use of futures contracts runs up expenses and the expense ratio here is 0.85%, a tad high.
Junior work and pensions minister Maria Miller defended the government's decision to axe new contracts under the Future Jobs Fund.
Since it is not practical to have a physically-backed crude oil fund, existing products rely on futures contracts to implement their strategies.
The other is Hank Morris, Mr. Hevesi's former political adviser, who was accused by Mr. Cuomo of requiring money managers to pay Mr. Morris before they could win lucrative contracts from the New York fund, one of the nation's largest.
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The contracts with pensioners that were supposed to fund that steady stream of income for investors are, according to legal experts and a growing number of judges, illegal and unenforceable.
Dean Curnutt at Macro Risk Advisors figures that in early March the Credit Suisse fund had to trade the equivalent of 3, 300 VIX futures contracts daily, or about 4% of the entire day's volume.
For example, the Medicare program currently contracts with entities to identify and collect overpayments made from the Medicare Trust Fund.
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