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Article: Massachusetts Pension-Job Candidate Has Known Ups, Downs.
- Article from:
- Knight Ridder/Tribune Business News
- Article date:
- September 30, 2003
CopyrightCOPYRIGHT 2003 Knight-Ridder/Tribune Business News. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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By Andrew Caffrey, The Boston Globe Knight Ridder/Tribune Business News
Sep. 30--The most unflattering moment as an investment manager for Steven Weddle, the man Massachusetts Treasurer Timothy Cahill wants to put in charge of state pensioners' $29 billion retirement fund, may be the deal with Kingdom Financial Holding Ltd.
Weddle was running a southern Africa venture fund, which in 1997 invested $1.2 million in Kingdom Financial, a banking, brokerage, and asset management company in Zimbabwe. The company did well, and Weddle's fund cashed out in 1999, expecting a profit of around $500,000.
Just one problem: Weddle's fund had failed to ...