Jacksonville Pension Nears Hedge Fund OK

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."


In Depth

bfinance: Fees Falling Across Asset Classes, Yet Overall Investor Costs Still Climbing

May 16 2017 | 9:53pm ET

Despite unprecedented attention on fees, new research from investment consultancy...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Risk-Based Compliance: Why Oversight Of Outsourcing Is Critical

May 10 2017 | 7:02pm ET

Compliance is notoriously one of the trickiest middle office functions for funds...

 

From the current issue of