Baltimore Pistol & Hose Goes Direct

Dec 9 2014 | 6:52am ET

San Francisco’s main public pension fund continues to dither over hedge funds. Not so the Baltimore City Fire & Police Employees’ Retirement System.

The $2.55 billion pension last month approved a plan to move its $196 million fund of hedge funds allocation to a direct hedge-fund investment portfolio. The board, which will meet again today to discuss the system’s next steps, authorized consultant Summit Strategies Group to build that direct portfolio, Pensions & Investments reports.

At its last meeting, Summit offered two options to cut costs: Moving its $196 million fund of funds allocation to separately-managed accounts at those managers—or moving the money into direct hedge-fund investments. Summit estimates that the former option would save about $500,000, and the latter $1.3 million, in fees.

The pension currently invests with three funds of funds, Prisma Capital Partners, Titan Advisors and Union Bancaire Privée. The latter, however, is liquidating the vehicle in which Baltimore invests, and so the managed-account plan would have included only Prisma and Titan.


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