The Illinois Teachers’ Retirement System is planning a search for a specialty hedge fund consultant, while also upping its investment with K2 Advisors.

Bahraini investment bank Investcorp has slashed its investments in the asset class by more than half.

The first institutional investor known to pull its money from the Galleon Group is Rochdale Investment Management.

A former FrontPoint Partners hedge fund manager has launched his own fund with $500 million in initial assets.

The Massachusetts Pension Investment Management Board has decided to quit portable alpha as an investment strategy, redeeming $1.6 billion from four managers.

The San Joaquin County (Calif.) Employees’ Retirement Association has invested $100 million in a new Arrowhawk Capital Partners hedge fund.

A major British pension fund is mulling its first-ever allocation to hedge funds.

A veteran of Harvard University’s endowment has joined UBP Asset Management, where he will serve as the fund of hedge funds shop’s first chief risk officer of alternative investment.

 The West Midlands Pension Fund has invested £40 million ($64 million) in a global long-short equity fund of funds.

Asia’s wealthy investors are returning to hedge funds, but it isn’t benefitting everyone in the industry.