The New Orleans City Employees’ Retirement System suspended its search for an opportunistic credit and/or opportunistic hedge fund manager.
The $364 million pension began a search in May for a manager to run $20 million in a credit or hedge fund commingled vehicle with a global focus, reports Pensions & Investments. Although 40 managers responded to the RFP, the pension has suspended its search.
The pension also redeemed a total of $8.2 million from seven hedge funds after its June 9 board meeting. Writes P&I:
“As we had terminated seven hedge fund managers, there was some hesitation (from) some board members to move forward with the search,” says Jesse Evans Jr., pension director.
The board will consider resuming the search at its September meeting.
Photo: Phil Roeder