(Bloomberg) -- The University of Maryland’s endowment is planning to yank the most expensive and worst performing hedge fund investments, following other managers who are frustrated with high fees and low returns.

“Some hedge fund managers are doing very well and it makes sense, but others aren’t and it’s not really worth paying all the fees when we can just get the same returns with a more passive investment," Pamela Purcell, chief financial officer of the foundation that oversees the state system’s $1.2 billion endowment, said Thursday in a telephone interview.

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