Friday, 29 July 2016
Last updated 9 hours ago
Jun 16 2011 | 10:58am ET
Knoxville, Tenn.'s municipal pension fund has found a successor to the recently-fired Cadogan Management.
The $470 million City of Knoxville Employee Pension fund has settled on Prisma Capital Partners, HFMWeek reports. The public pension plans to invest $10 million in the firm.
Prisma's success was due in part to its near-miss in Knoxville last year; the pension nearly picked it to replace Union Bancaire Privée for a different $10 million mandate, but ultimately gave that job to Blackstone Alternative Investment Management.
"The board was already familiar with the fund," executive director Michael Cherry told HFM.
Cherry said that Cadogan was terminated due to a decline in its performance. It was hired in 2007 to help Knoxville reduce its volatility amidst the financial crisis.