Wednesday, 31 August 2016
Last updated 18 hours ago
Mar 2 2012 | 6:51am ET
Three New York City pension funds have showered nearly $1 billion on three hedge funds.
The pensions for the Big Apple's police, firefighters and public employees awarded $350 million mandates to Brevan Howard Asset Management and D.E. Shaw Group. Brigade Capital Management will run $200 million.
The mandates at a stroke triple the pensions' hedge fund allocation, which now totals $1.35 billion. The plans, with a combined $70 billion in assets, have a $3 billion hedge fund target.
"We have put together a hedge-fund program that will help further diversify our portfolio and guard against volatility in the market," a spokesman for New York City Comptroller John Liu said.
Two other city pensions, for its teachers and educational administrators, have no hedge fund allocations at all.