Sunday, 3 May 2015
Last updated 2 days 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."
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…