A county in suburban Baltimore's pension fund has invested $10 million with a Philadelphia fund of hedge funds.
The $1.3 billion Anne Arundel County Retirement and Pension System awarded the mandate to Attalus Capital. Attalus manages some $2.4 billion, exclusively for institutional investors.
Anne Arundel has also rejiggered its asset allocations, doing away with a specific absolute return and hedge funds portfolio. Instead, the pension will spread its hedge fund investments across its risk parity with alpha overlay, global tactical asset allocation and large-cap portable alpha categories, HFMWeek reports. Most the of the former 7% absolute return allocation will be moved into the risk parity portfolio.