Knoxville Names Prisma To Take Over Hedge Fund Mandate

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.


In Depth

The Benefits Of Private Debt Investing

May 7 2015 | 10:43am ET

Jeffrey Haas is chief operating officer of Old Hill Partners Inc., an SEC-registered...

Lifestyle

Yale Receives $150 Million Gift from Blackstone’s Schwarzman

May 12 2015 | 12:10am ET

Yale University announced it has received a $150 million gift from Blackstone Group...

Guest Contributor

How To Generate 6% Yield In A Volatile World

May 22 2015 | 6:41am ET

Private credit comes in many different flavors, all with the common themes of over...

 

Editor's Note