Michigan Police, Fire Pension Cuts Muirfield

May 14 2010 | 1:10am ET

A Michigan public pension fund has fired one of its fund of hedge funds managers due to poor performance.

The City of Southfield Fire and Police Retirement System has redeemed its $2 million investment with Muirfield Capital Management, HFMWeek reports. The money was awarded to the $200 million pension’s other two funds of funds, Attalus Capital and Nantucket Hedge Fund, which each received an addition $1 million.

Despite parting ways with one-third of its hedge fund managers, the Southfield system says it hopes to increase its exposure to alternatives. The pension is currently limited by state law to having just 5% of its assets in hedge funds and private equity funds.


Lifestyle

Survey: Wall Street Banks Still Top Silicon Valley, Hedge Funds for Freshly-Minted MBAs

Jun 21 2016 | 9:01pm ET

Contrary to concerns that Wall Street isn't as appealing to new graduates as it...

Guest Contributor

The Future of the Blockchain in Financial Services Communications

Jun 17 2016 | 1:05pm ET

Over the past year, a large portion of the financial services industry has awakened...