New Jersey Eyes Brummer, Winton For $100M Mandates

Nov 30 2010 | 12:35pm ET

New Jersey's state public pension manager is poised to pour $300 million into hedge funds—including two new hires.

The New Jersey State Investment Council earlier this month may award a pair of $100 million mandates. The Garden State last month boosted its alternative investments limit to 38% from 28%.

The beneficiaries of the new largesse are likely to be Brummer & Partners and Winton Capital Management. The $70.2 billion pension is considering awarding the mandates to the former's Lynx global derivatives hedge fund and to the latter's Winton Futures Fund, HFMWeek reports.

The SIC also voted to boost its investments with Davidson Kempner Capital Management and King Street Capital by $50 million each. Both hedge funds currently manage $100 million for the pension.

Even with the new allocations, New Jersey still has a long way to go before reaching its alts. limit. The system had 14.26% of its assets invested in alternatives at the end of the third quarter, and only one third of that in hedge funds.


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