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.


In Depth

An Interview With Harvest Volatility Management's Rick Selvala

Mar 23 2017 | 5:39pm ET

Several years of extremely low interest rates have pushed some investors into equities...

Lifestyle

'Tis the Season: Wall Street Holiday Parties Back In Fashion

Dec 22 2016 | 9:23pm ET

Spending on Wall Street holiday parties has largely returned to pre-2008 levels...

Guest Contributor

SEI: Private Debt Coming Into Its Own

Mar 8 2017 | 9:24pm ET

The explosive growth of private debt over the past few years has caused the lines...

 

From the current issue of