Ohio Plan Seeks Market-Neutral Long/Short Managers

Jul 20 2007 | 10:46am ET

The $12.5 billion Ohio Police & Fire Pension Fund is in its initial phase of searching for market neutral long/short managers as the fourth and final leg of its portable alpha program. 

Since 2005, the system’s portable alpha program has allocated or committed $100 million each to active currency managers Mellon Capital Management and FX Concepts, approximately $315 million to global macro managers Bridgewater Associates and AQR Capital Management and $235 million to derivatives-based enhanced equity manager Western Asset Management.

“This is the fourth step in our portable alpha program that do include some hedge funds but not exclusively,” said spokesman Dave Graham. “Our target is to have the portable alpha strategy total 10% of our portfolio, which is currently $12.5 billion, and we hope to issue that at some point within the next few months but nothing has been developed yet. We’re not only waiting for board approval but what goes into the RFP and the specific details of what the search will be.”


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