Comment: Chris Sullivan
The hedge fund industry has always had a bit of a schizophrenic relationship with the media, particularly here in the US
24/08/2011
LA Fire & Police fund replaces Gam and K2
The $11.2bn Los Angeles Fire and Police Pensions (LAFPP) has dropped Gam and K2 Advisors from its hedge fund portfolio and plans to increase allocations to Grosvenor Capital Management and Aetos Capital, HFMWeek can exclusively reveal.
The portfolio shake-up was officially agreed by board members on 18 August, following a structural review of the fund’s absolute return investments, carried out by RV Kuhns & Associates.
“Approval of the recommendations will result in an estimated fee reduction of over $870,000 per year,” RV Kuhns & Associates advised in their presentation.
The $198m allocated to K2 Advisors and Gam ($144m and $54m respectively), will be redistributed between Grosvenor and Aetos, Michael Perez, general manager of LAFPP confirmed.
“The redistribution figures will be decided over time, it is yet to be worked out,” he said. The board also agreed that LAFPP, which currently meets its target hedge fund allocation of 4%, will continue to maintain its $60m investment in Dorchester Capital Advisors.
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