Brevan Howard, D.E. Shaw Win NYC Pension Mandates

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.


In Depth

Q&A: Reg A+ Will Transform the Alternative Asset Landscape

Jul 7 2015 | 4:03pm ET

In addition to easing capital formation for small companies, Regulation A+ has enormous...

Lifestyle

Fiat Chrysler Files Paperwork For Ferrari IPO

Jul 23 2015 | 5:05pm ET

Italian sportscar maker Ferrari has taken a step closer to a stock market listing...

Guest Contributor

Lifting of Foreign Ownership Limits Signals Sea Change in Vietnam's Capital Markets

Jul 28 2015 | 3:01pm ET

The lifting of restrictions on foreign ownership limits in Vietnam later this year...

 

Editor's Note