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St. Paul Travelers introduced a new insurance product for investment advisors Thursday. Aimed at protecting the business risks of mutual funds, hedge funds and other investment advisors, it covers various types of exposure, such as failure to adhere to investment guidelines or failure to disclose risks.

Called Travlers SelectOne for Investment Advisers and Funds, the policy also offers coverage for a pension fund accused of mismanaging investments or breaching their fiduciary duty.

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