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.


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