Auditor to review New Jersey pension investment strategy.

• Position: News Briefs - Due to losses to state employee pension funds - Brief Article

New Jersey State Treasurer John McCormac has hired Fiduciary Services Inc. to conduct a six-month review of the state's investment practices. Fiduciary Services Inc., a Washington D.C.-based auditing firm, was selected over nine other firms that competed for the $425,000 contract. The New Jersey state pension funds have been losing more than $1 billion a month. The value of the funds dropped from $82.6 billion at the end of June 2000 to $60 billion on August 31. The fund's performance over the last two years has been among the nation's worst. According to its proposal, Fiduciary will...