Thursday, 5 March 2015
Last updated 43 min ago
Jul 28 2011 | 9:50am ET
The North Carolina Retirement System has retained California-based fund of hedge funds Pacific Alternative Assets Management Co.
HFMWeek, citing recently published meeting minutes, says the $85 million pension has hired the firm to increase its allocation to credit hedge funds.
PAAMCo, with $9.8 billion AUM, was the subject of a Securities and Exchange Commission probe into its relationship with Paloma Partners’ Donald Sussman. The probe, which followed an October court ruling granting Sussman a 40% stake in PAAMCo, considered whether PAAMCo was misleading investors by selling itself as a women-owned firm. It concluded in April 2011 without charges.
During the same February meeting, the NCRS also decided to redeem its investment with the hedge fund firm SCS Global, and to partially redeem its investment with Franklin Street. According to the minutes, the move was “a means of bringing the alternatives portfolio into compliance with the 5% statutory cap.”
Jan 23 2015 | 1:00pm ET
In our new section, FINtech Focus, we will profile one of these firms each week. While fintech is a broad category, we will be focusing on firms that specifically cater to the alternative investment industry. Read more…