New York Pension Fires Breeden Hedge Fund

Sep 24 2010 | 11:49am ET

Activist hedge fund Breeden Capital Management has been fired by a New York City pension fund.

The $36 billion Employees' Retirement System voted to redeem its investment from the Greenwich, Conn.-based firm in May, Bloomberg News reports. Breeden, founded by former Securities and Exchange Commission Chairman Richard Breeden, is at least the sixth money manager canned by the Big Apple system this year, after newly-elected Comptroller John Liu launched a review of the city’s five public pension funds.

Breeden has managed money for the ERS for about two years, losing about $3.2 million of the $136.5 million invested with it. The pension has paid Breeden $6.2 million in fees for the privilege.

It will take as long as two years to redeem the Breeden investment, during which time Breeden will remain one of the pension fund’s managers.

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