The healthcare sector went on a tear beginning in 2011, thanks in large part to the passage of the Affordable Care Act and its impending implementat
Thursday, 19 January 2017
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Jun 23 2006 | 9:01pm ET
The $500 million Knoxville (Tenn.) City Employees Pension Fund has selected Union Bancaire Privee Asset Management and Cadogan Management as its new fund-of-hedge funds managers. Michael Cherry, executive director, said the two firms will handle a combined $35 million mandate but the plan has not decided on the split between the two firms. Funding will come from a rebalancing of the fund and no managers will be terminated, he added.
The plan had discussed investing in hedge funds last year after the City Council approved a new investment policy to include alternatives. The fund is still in early discussions about a private equity search. Cherry said the fund hasn't decided whether it will invest directly or through a fund-of-funds but has a target allocation of 4%. Interested managers should contact consultant Dan Holmes of Summit Strategies Group.