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.

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