Tenn. Fund Selects First Hedge Fund; Private Equity Up Next

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.