The men and women who keep Missouri's third-largest city safe are entrusting a substantial chunk of their nest eggs with three hedge funds.
The Springfield Police Officers' & Firefighters' Retirement System, which has $208 million in assets, handed $20 million to Wells Capital Management and $10 million each to the Blackstone Group and EnTrust Capital. Wells will run an emerging markets strategy for the pension, while Blackstone and EnTrust funds of funds are their beneficiaries.
The hires followed an invitation-only search by Segal Rogerscasey, Pensions & Investments reports.
SPOFRS' administrative director said that no managers would be fired to hire the three new ones, and that the funding would come from a reduction in the pension's equity allocation.