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."


In Depth

Q&A: Decathlon Capital On Revenue-Based Alternative Lending

Oct 30 2017 | 3:49pm ET

The explosion in private credit activity since the end of the financial crisis is...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Saxby: Not All EBITDA Is Created Equal

Nov 30 2017 | 8:02pm ET

Record levels of dry powder are driving competition among private equity firms to...