The Federal Reserve Board gave Bessemer Group Inc., Woodbridge, N.J., conditional permission to set up a New York subsidiary that would serve as the general partner to limited partnerships investing in a range of commodities and exchange-traded and over-the-counter instruments.

The Fed stipulated that a risk management system be developed before the unit, Bessemer Asset Management Inc., may begin operations. The system would include investment and position limits for the partnerships and each investment adviser.

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