Texas Hires Albourne As First Hedge Fund Consultant

May 31 2011 | 8:50am ET

The Texas Employees Retirement System has taken a big step towards its first hedge fund investments.

The $23 billion public pension has hired Albourne America to advise it on hedge funds, Pensions & Investments reports. The consultant will help TERS establish its investment plan and will assist in picking the beneficiaries of the pension's initial 1% investment target—an impressive $230 million—beginning early next year.

TERS allocated 5% of its assets to hedge funds in 2008, but shelved those plans amidst the financial crisis.


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