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.

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