Tuesday, 5 May 2015
Last updated 2 min ago
Apr 13 2010 | 9:28am ET
The Los Angeles Fire and Police Pension System may do away with its hedge fund and private equity programs.
The $13.2 billion plan will begin an asset allocation study at its meeting this week, including a review of its alternative investments allocations, Pensions & Investments reports. The system currently allocates 10% of its assets to private equity and 5% to hedge funds.
General Manager Michael Perez said the public pension fund aims to cut or replace “marginal or underperforming managers,” and will consider costs, risk and liquidity in making its decisions. Individual program reviews are likely to be completed by the end of October, with a new asset allocation process in place by January.
L.A. Fire and Police would then hire or fire any managers by June 30 of next year.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…