New York's Bravest Pick Permal For First Hedge Fund Mandate

Apr 1 2011 | 12:05pm ET

Last month proved a good one for the Permal Group when it comes to New York City's public pension plans.

The fund of hedge funds manager, which earlier in the month won a roughly $150 million commitment from the New York City Police Pension Fund and a $250 million commitment from the New York City Employees Retirement System, can now add $50 million from its firefighters.

The New York City Fire Department Pension Fund's board of trustees approved its first investment in hedge funds, a spokesman for the city comptroller's office said. The $7.6 billion plan made the move "to further diversity the fund's investment portfolio," Michael Loughran said.

The three allocations are hedge fund firsts for all three of the pension schemes.


In Depth

FINtech Focus: Fundbase Aims To Revolutionize Access To Hedge Funds

Jan 23 2015 | 11:03am ET

Global investment in financial technology—also known as fintech—is booming....

Lifestyle

Is Steven Cohen Going to Buy the Brooklyn Nets?

Jan 19 2015 | 6:49am ET

Rumors that Steve Cohen was interested in the Brooklyn Nets emerged after Scott...

Guest Contributor

Investors Benefit From Evolution Of Fund Of Hedge Funds Model

Jan 22 2015 | 12:27pm ET

The evolution of the fund of hedge funds model over the last few years represents...

 

Editor's Note