Knoxville Picks Blackstone For Fund Of Funds Mandate

Aug 16 2010 | 7:24am ET

Blackstone Alternative Asset Management has won the competition to manage $10 million for Tennessee’s third-largest city.

The firm won the fund of hedge funds mandate from the Knoxville City Employees’ Retirement Pension Fund, Pensions & Investments reports. The hire follows the termination of one of Knoxville’s fund of funds managers, Union Bancaire Privée, last year, and the reduction of its fund of funds allocation from 7% to 5%.

Knoxville fired UBP due to its exposure to the Bernard Madoff Ponzi scheme, putting some $1 million of the pension’s money at risk.

Cadogan Management continues to hold Knoxville’s other fund of funds mandate, also running $10 million.

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