Published: Nov 14, 2011 5:33 PM EST

TALLAHASSEE, Fla. (AP) - A state panel says Florida's massive pension fund did nothing wrong when it hired a company with ties to the fund's executive director.
    
Florida Chief Financial Officer Jeff Atwater asked an advisory panel to look into a decision by the state to invest $125 million with an investment firm that specializes in shaking up companies.
    
Atwater made the request after a state senator asked for records related to the transaction. The State Board of Administration initially told Sen. Mike Fasano it would cost nearly $11,000 to turn over the records.
    
The executive director of the State Board of Administration, Ash Williams, once worked at a hedge fund whose clients included the head of the investment firm.

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