Wednesday, 28 September 2016
Last updated 13 min ago
Dec 10 2010 | 12:18am ET
Florida's state pension manager has hired three hedge funds and is preparing to hire three more.
The Florida State Board of Administration approved the investments in three hedge funds, which the $148 billion plan would not identify. Deputy executive director Kevin SigRist told the board's investment advisory council that one was an event-driven merger arbitrage fund, another a long short/equity fund and the third a long/short credit fund, HFMWeek reports.
Florida has begun due diligence work for three further hires, looking for managers in the real estate, strategic investments and fixed-income spaces. The strategic investments manager will also be charged with overseeing the plan's $350 million—but rapidly growing—hedge fund portfolio.
Earlier this year, Florida hired four activist hedge funds, Cevian Capital, Knight Vinke Asset Management, P2 Capital and Ramius Capital.