San Diego Pension Eyes D.E. Shaw, Saba

Jul 20 2011 | 10:04am ET

The San Diego County Employees Retirement Association's investment committee is ready to vote to invest $100 million each in hedge funds run by D.E. Shaw Group and Saba Capital Management.

The $8 billion public pension looks to add that amount to an existing allocation to D.E. Shaw's global macro Heliant Fund, HFMWeek reports. The investment in Saba, founded two years ago by former Deutsche Bank proprietary trader Boaz Weinstein, is a first for SDCERA.

The new investments are designed to reduce portfolio tracking error, increase diversification and balance risks.

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