Saturday, 30 May 2015
Last updated 13 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.
May 27 2015 | 2:15pm ET
Support Hedge Funds Care, also known as Help For Children (HFC), by participating in this year's raffle. All proceeds go to support HFC's mission of preventing and treating child abuse. Read more…