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

GSAM's Papagiannis: Liquid Alternatives For The Long Run

Apr 21 2017 | 8:44pm ET

Interest in liquid alternatives cooled a bit last year amid a broad shift in investor...

Lifestyle

Aston Martin Returns To Debt Market As DB11 Drives Turnaround

Mar 31 2017 | 5:21pm ET

James Bond’s preferred carmaker is returning to the public debt markets for the...

Guest Contributor

Debunking Conventional Investment Wisdom (Part II)

Apr 17 2017 | 5:56pm ET

The alternative investment industry is currently replete with buzzwords around data...

 

From the current issue of