Permal Wins First NYC Police Pension Hedge Fund Mandate

Mar 3 2011 | 10:49am ET

New York's Finest are dipping their toes into hedge funds.

The New York City Police Pension Fund has hired the Permal Group to begin investing in funds of hedge funds, the city comptroller's office said yesterday. The pension is still mulling how much to invest in the asset class, although it is expected to be about $150 million.

The police pension has more than $20 billion in assets.

"Subject to satisfactory negotiations, we expect to initiate a hedge fund-of-funds program which is to be followed by a series of direct investments in hedge funds," Lawrence Schloss, the city's chief investment officer, said.

Permal was picked at the pension's March 1 board meeting, although the hire must still be finalized.

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