Saturday, 23 August 2014
Last updated 1 day ago
Jun 27 2012 | 11:06am ET
A Texas police and fire healthcare fund has launched a search for hedge funds to fill its much-reduced allocation to the asset class.
The $210 million San Antonio Fire & Police Retiree Healthcare Fund fired its two hedge fund managers, Clovis Capital Management and Kingdon Capital, in February. Those two funds managed 14% of the fund's assets; the new hedge fund or funds will manage just 4%, or $8.4 million, HFMWeek reports.
San Antonio is looking for multi-strategy funds to fill the new allocation.
The new search isn't the only place where San Antonio is cutting hedge funds. The Healthcare fund is gradually redeeming its investment—part of its absolute return allocation—with Silver Creek Capital. When that 4% is withdrawn, the fund's total hedge fund investments will be just 6%—down from 20%.
Aug 4 2014 | 7:42am ET
By now, U.S. and international subscribers have received their home or office delivery of the special 500th issue of Futures magazine. You can too!—a very special offer follows. The issue is the largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders. Read more…
The July/August 2014 issue is our largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders.
The Alpha Pages Editor's Note