Apr
13
NYC Pension Weighs Liquidating $1.5 Billion Hedge Fund Portfolio
By-
D.E. Shaw and Brevan Howard among managers that may be fired
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NYC civil employees’ pension has $154.4 billion of assets
New York City’s pension fund for civil employees is weighing exiting its $1.5 billion portfolio of hedge fund investments because of lagging performance, high fees and the riskiness of the asset class.
A vote to terminate the funds, which include D.E. Shaw & Co., Brevan Howard Asset Management, and Perry Capital, will come as soon as Thursday, according to a person familiar with the matter. Hedge funds make up 3 percent of the civil employees’ fund’s $51 billion portfolio…
NYC Pension Weighs Liquidating $1.5 Billion Hedge Fund Portfolio
