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December 04, 2012

Nobel Foundation Eyes Hedge Funds to Restore Prize Awards

The nonprofit organization that bestows the Nobel Prizes says it will invest more money in hedge funds in hopes of boosting returns enough to restore cuts in the annual monetary award for winners, according to Bloomberg.

In June the Stockholm-based Nobel Foundation announced it was cutting the cash prize from $1.5-million to $1.2-million. "When we look at the analysis we see that we can get more return with less risks" by putting more of the foundation's slumping investment fund into hedge funds, Nobel executive director Lars Heikensten said.