Monday, 8 February 2016
Last updated 39 min ago
Jun 7 2013 | 11:31am ET
One major public pension fund is doing away with its hedge fund portfolio—while keeping the hedge funds themselves on board.
The Employees Retirement System of Texas has scrapped its separate hedge fund allocation, Institutional Investor reports. The $24.9 billion pension will continue to invest in hedge funds, but has integrated them into its overall portfolio.
Hedge funds will now be considered part of major asset-class portfolios, such as equity and fixed-income.
ERS voted to integrate its hedge funds in February.