Florida Pensions Add Former Ramius Activist Hedge Fund

May 9 2011 | 12:26pm ET

Florida's public pension overseers have added another hedge fund to their portfolios.

The Florida State Board of Administration has handed a $125 million mandate to Starboard Value, an activist hedge fund spun off from Ramius Capital in March. The move follows the FSBA's hiring of Highline Capital Management and Mason Capital Management for a pair of hedge fund mandates totaling $250 million.

Starboard Value is the fourth corporate activist hedge fund hired by the FSBA, Pensions & Investments reports, and the investment is part of the fund's strategic assets allocation.

Starboard Value is helmed by Jeff Smith, Peter Feld and Mark Mitchell, who managed the firm's funds at Ramius. Ramius, now part of Cowen Group, the boutique investment bank Ramius bought at the end of 2009, still owns a minority stake in Starboard Value.


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