Bloomberg – Three of New York City’s five public pension funds are seeking to add as many as 15 hedge funds for direct allocations to reduce price swings in stocks and improve investment returns.
The New York City Employees’ Retirement System, New York City Police Department and New York City Fire Department, which have about $70 billion in assets, are searching for event-driven funds, commodity trading advisers and global macro and relative value managers, according to Seema Hingorani, head of public equities and hedge funds at New York City Comptroller’s Office. The focus is on event-driven strategies as the pensions now have more allocated to global macro funds and CTAs, she said.
