L.A. Pistol & Hose Dumps GAM, K2

Aug 24 2011 | 11:49am ET

The Los Angeles Fire and Police Pensions has fired two hedge funds, to the benefit of two others already in its portfolio.

The $11.2 billion public pension system has redeemed its entire investments from K2 Advisors and GAM Holding, $144 million and $54 million, respectively. Consultant RV Kuhns & Associates estimates that the move will save LAFPP $870,000 per year.

The $198 million redeemed will be handed over to Aetos Capital and Grosvenor Capital Management. It is unclear how much each existing manager will receive.

"The redistribution figures will be decided over time," Michael Perez, the pension's general manager, told HFMWeek. "It is yet to be worked out."

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