Friday, 29 May 2015
Last updated 6 hours ago
Jul 26 2011 | 12:34pm ET
Austin, Texas' finest are pulling all of the money they can out of hedge fund Excelsior Investors.
The City of Austin Police Retirement Fund last month voted to redeem its investment with Excelsior due to "poor performance," HFMWeek reports. But the $506.5 million public pension was only able to withdraw $1.2 million, as more than half of its investment, $1.5 million, remains side-pocketed.
The pension's Vernon Webb also said that its investment accounted for more than 10% of Excelsior's assets, a no-no for a public fund.
"It was a restriction that we just kept hitting," he told HFM.
May 27 2015 | 2:15pm ET
Support Hedge Funds Care, also known as Help For Children (HFC), by participating in this year's raffle. All proceeds go to support HFC's mission of preventing and treating child abuse. Read more…