Saturday, 30 May 2015
Last updated 11 hours ago
Apr 25 2011 | 11:25am ET
One Florida city is close to allowing its largest pension fund to begin investing in hedge funds and other alternative investments.
The Jacksonville City Council may vote tomorrow on a bill that would loosen key restrictions on the pension, allowing it to invest in short-sellers and to increase its allocation to alternatives to 10%. The pension currently has a 5% cap, but has never actually invested in a hedge or private equity fund.
The bill easily passed the two committees that considered it.
"Three years ago, I said no. Five years ago, I said no. 10 years ago, I said no," Mickey Miller, Jacksonville's finance director, told one of the committees. "The situation has changed dramatically."
May 27 2015 | 2:15pm ET
Support Hedge Funds Care, also known as Help For Children (HFC), by participating in this year's raffle. All proceeds go to support HFC's mission of preventing and treating child abuse. Read more…