Thursday, 21 August 2014
Last updated 25 sec ago
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.
Aug 4 2014 | 7:42am ET
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The Alpha Pages Editor's Note