Permal Wins Second NYC Mandate

Mar 25 2011 | 11:29am ET

The Permal Group is doing some good business in the Big Apple.

The New York City Employees Retirement System committed $250 million to the fund of hedge funds firm, just weeks after another city pension fund made a $150 million commitment to Permal. The NYCERS allocation is subject to contract negotiations, the New York City Comptroller's office said.

NYCERS manages $39.6 billion. It has no set hedge fund allocation, and will fund the new investment from its opportunistic equity portfolio.

Earlier this month, the New York City Police Pension Fund hired Permal, its first hedge fund manager.


In Depth

Royalties: The Alternative Assets of the Music Industry

Jul 8 2016 | 7:01pm ET

Recent market volatility has investors seeking greater insight into alternative...

Lifestyle

Moore Capital PM Fired After Raucous Hamptons Party

Jul 7 2016 | 10:47pm ET

A portfolio manager for Louis Bacon’s $15 billion hedge fund Moore Capital Management...

Guest Contributor

MPI: Like Stellar Returns? Better Understand the Risks First

Jul 22 2016 | 8:44pm ET

When the press reports extraordinarily strong relative or risk-adjusted returns...