Houston Pension Adds Wexford, York

Aug 18 2011 | 2:25am ET

Two steps down, one to go: The Houston Municipal Employees’ Pension System has hired two more hedge fund managers for its new absolute return program.

The $2.1 billion public pension picked Wexford Capital and York Capital Management in the second stage of the program, HFMWeek reports. The latter received a $10 million allocation to its multi-strategy Spectrum Fund, and the latter a $5 million allocation to its flagship event-driven strategy.

The hires follow that of Anchorage Advisors, Davidson Kempner Capital Management, Ox Management and Paulson & Co. earlier this year. HMEP plans to complete it’s three-stage plan this quarter and will begin searching for managers.

The pension now has some $69 million invested in hedge funds, up from just $20 million last year. HMEP hopes to have $100 million invested by the end of the third quarter in between 12 and 15 managers.


In Depth

Humble in Hofstra...One Debate an Election Can Make

Sep 26 2016 | 10:20am ET

Tonight's U.S. Presidential debate, infamously coined the “Humbling in Hofstra...

Lifestyle

Vortic: Reimagining the Custom Wristwatch

Sep 27 2016 | 7:24pm ET

American watch manufacturer Vortic, which started out restoring antique pocket watch...

Guest Contributor

Malik: The Ever-Changing Middle Market and The Entering Class of 2016

Sep 2 2016 | 5:01pm ET

Deal sourcing and origination is only going to get more competitive given current...