Fort Worth Employees’ Retirement System overhauls its hedge fund portfolio and begins the search for new managers.

by Amy Bensted

  • 24 Aug 2009
  • HF

The USD 1.46 billion pension fund has ramped up its allocation to absolute return strategies from 12% to 18%. Fort Worth has been reviewing its hedge fund holdings with the help of its advisor Albourne Partners, since the beginning of the year, and it has redeemed several holdings as well as added funding to existing hedge fund managers. Redemptions have been made from hedge funds managed by Marathon Asset Management, Plainfield and Harbinger Capital. It has already made two new hedge fund investments; USD 8 million awarded to Vicis Capital, a multi-strategy vehicle and USD 14 million to Contrarian Capital Fund I. Following the rebalancing of its portfolio and its new investments Fort Worth is now searching for an additional four to six new hedge funds to add to its holdings in order to reach its new increased target allocation. On the advice of Albourne Partners, Fort Worth Employees Retirement System now only invests directly.

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