Friday, 27 May 2016
Last updated 15 min ago
Apr 20 2011 | 11:01am ET
The Texas Permanent Schools Fund has put one hedge fund manager on watch and boosted its investment in another.
The $24.4 billion fund’s board of directors voted in January to put K2 Advisors on watch; the automatic move came because the $400 million separately managed account managed by K2 underperformed its benchmarks for three straight quarters.
In addition, Texas moved $85 million out of another of its managers, GAM Holding, and into Mesirow Financial, HFMWeek reports. Both funds of hedge funds now manage $300 million on behalf of the fund.
Texas has a total of five funds of funds managing separate accounts, managing a combined $2.46 billion.