Phila. Quits Arden, Currency Fund

Jun 13 2011 | 11:39am ET

Philadelphia's city employees aren't relying on Arden Asset Management or AG Bisset to help fund their retirements anymore.

The $4.1 billion City of Philadelphia Municipal Pension Fund has redeemed its investments in both firms, HFMWeek reports. AG Bisset, a currency alpha fund, had been allocated $100 million, while Arden had been allocated half as much.

The withdrawals leave Philadelphia with just over $400 million in hedge fund investments.

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