Friday, 1 July 2016
Last updated 1 hour ago
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.