L.A. Pistol And Hose Could Cut Alts. Allocations

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.


In Depth

Star Fund Managers Battered By Rocky Ride In Yields, Currencies

May 28 2015 | 6:05am ET

Some of the biggest names in the investment world have been whipsawed by the recent...

Lifestyle

Yale Receives $150 Million Gift from Blackstone’s Schwarzman

May 12 2015 | 12:10am ET

Yale University announced it has received a $150 million gift from Blackstone Group...

Guest Contributor

The Road To Tax Alpha

May 28 2015 | 5:36am ET

Tax-related alerts are increasingly helping investment managers harvest tax alpha...

 

Sponsored Content

Editor's Note