Monday, 24 October 2016
Last updated 2 days ago
Oct 30 2013 | 10:05am ET
The Milwaukee County Employees' Retirement System's rebalancing act will cost its two funds of funds $17 million.
The $1.7 billion public pension plans to redeem $9.5 million from ABS Investment Management and $7.5 million from K2 Advisors in an effort to bring its hedge fund investments back down to its 10% target, Pensions & Investments reports. At the moment, the two funds of funds, Milwaukee's only hedge fund investments, account for 11% of its portfolio.
After the redemptions, ABS will manage $86.2 million for the system, and K2 $85.7 million.
The pension will decide in December or January how to spend the proceeds.