Chicago Teachers Pension Fires K2, Mesirow

Nov 29 2012 | 12:42pm ET

The Chicago Public School Teachers' Pension and Retirement Fund has gone through with a plan to slash its hedge fund allocation.

The $9.7 billion pension terminated the two funds of hedge funds with the largest mandates, K2 Advisors and Mesirow Advanced Strategies, Pensions & Investments reports. The two firms managed a combined $149.2 million.

Teachers' is still mulling the future of Pluscious Management, which runs $25.3 million for the pension. Prior to presentations by K2 and Mesirow last week, pension executive director Kevin Huber said that Pluscious "has a different liquidity profile and therefore is not presenting tomorrow."

Teachers' did not specify what it would do with the proceeds of the redemptions. But Huber said prior to the firings that the move was being made "in order to assist with cash needs" and cited liquidity concerns with K2 and Mesirow.


In Depth

PAAMCO: Will Inflation Deflate the Asset Bubble?

Jan 30 2018 | 9:49pm ET

As the U.S. shifts from monetary stimulus to fiscal stimulus, market pricing should...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Boost Hedge Fund Marketing ROI By Raising Your ROO

Feb 14 2018 | 9:57pm ET

Tasked with delivering returns on client capital, a common dilemma for many alternative...