Global Pensions – New York City’s police pension hired Permal Group to invest in hedge funds, choosing the Legg Mason unit over firms including Blackstone Group.
The Board of Trustees of the New York City Police Pension Fund voted yesterday to commit capital to Permal, it said in an e-mailed statement. The commitment, the first by a New York City pension fund to hedge funds, is subject to the negotiation of an acceptable contract.
