Austin Police Pick Phoenix Credit Hedge Fund

May 25 2011 | 1:53am ET

Austin's finest have entrusted a part of their pension to New York-based hedge fund Phoenix Investment Advisors.

The Texas capital's City of Austin Police Retirement System last month approved the $5 million investment in the JLP Credit Opportunities Fund, HFMWeek reports. The fund focuses on distressed corporate credit and capital structure arbitrage.

Phoenix's cash will come from the $507 million plan's redemption from Orleans Capital.

Austin Police are also changing funds at the Clinton Group, pulling $1.6 million from its equity fund and adding the money to its investment in the firm's multi-strategy fund. After the transfer, that fund will manage $13.5 million of the pension's cash.

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