Ohio Pensions Hire Three Hedge Funds

Nov 2 2012 | 2:20am ET

A pair of public pension funds in Ohio are adding to—and in one case rejiggering—their hedge fund portfolios.

The Ohio Public Employees' Retirement System hired two new hedge fund managers and the Ohio School Employees Retirement System one, Pensions & Investments reports. The former awarded $180 million to Bridgewater Associates' Pure Alpha Major Markets fund and $100 million to Visium Asset Management's Balanced Fund. The latter handed $35 million to Oxford Asset Management's relative-value OxAm fund.

OSERS didn't stop there, however. The pension's board has approved a rebalancing of a chunk of its $1.5 billion hedge fund portfolio.

The changes, to about one-third of that portfolio, will take place over two years and will see a reduction in the number of direct mandates, as it seeks to distribute assets equally among equity long/short, event-driven, relative-value and tactical trading hedge funds, according to P&I.


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