Tuesday, 28 June 2016
Last updated 34 min ago
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."