Thursday, 8 October 2015
Last updated 23 min 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 When that 4% is withdrawn, the fund's total hedge fund investments will be just 6%—down from 20%.
Oct 7 2015 | 4:57am ET
Charity A Leg To Stand On (ALTSO) will hold its 12th Annual Hedge Fund Rocktoberfest – NYC on October 15 and its 4th Annual Rocktoberfest - Chicago on October 22. Read more…