Nobel Prize to Get Hedge Fund Boost After Awards Sink 20 Percent

The Nobel Foundation, which this year lopped 20 percent off its cash prizes, is planning to invest more money through hedge funds to boost its returns and restore the award to its previous size. The Nobel foundation, created in 1900 at the request of Swedish industrialist Alfred Nobel to award prizes in physics, chemistry, medicine, peace and literature, this year cut the cash amount of its prize for the first time since 1949. The move followed a decade of poor returns, exacerbated by the onset of the global financial crisis.