New York, Aksia Part Ways, Pension Hires Albourne

Mar 16 2011 | 12:01pm ET

Albourne Partners has replaced Aksia as the hedge fund consultant for New York's largest public pension plan.

Aksia's contract with New York expires at the end of the month.

The $140.6 billion New York State Common Retirement Fund, which was wracked a few years ago by a pay-to-play scandal, said the decision came down to price: Aksia's services cost $1.7 million for the pension's last fiscal year, while Albourne's universal access service goes for just $400,000 per year.

"We're concluding our relationship with Aksia and entering a new relationship with Albourne," spokesman Olayinka Fadahunsi told Pensions & Investments. "We believe the consultant change will generate cost savings for the fund."


In Depth

Star Fund Managers Battered By Rocky Ride In Yields, Currencies

May 28 2015 | 6:05am ET

Some of the biggest names in the investment world have been whipsawed by the recent...

Lifestyle

Yale Receives $150 Million Gift from Blackstone’s Schwarzman

May 12 2015 | 12:10am ET

Yale University announced it has received a $150 million gift from Blackstone Group...

Guest Contributor

The Road To Tax Alpha

May 28 2015 | 5:36am ET

Tax-related alerts are increasingly helping investment managers harvest tax alpha...

 

Sponsored Content

Editor's Note