Austin Police Dumps Excelsior

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.

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