Friday, 3 July 2015
Last updated 6 hours ago
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.
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…