Friday, 4 September 2015
Last updated 30 min ago
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."
May 27 2015 | 2:15pm ET
Support Hedge Funds Care, also known as Help For Children (HFC), by participating in this year's raffle. All proceeds go to support HFC's mission of preventing and treating child abuse. Read more…