Institutional Investors Americas

Michigan city plan redeems from Lyster Watson

by Staff Writer

The Auburn Hills (Michigan) Retirement System chose to redeem from Lyster Watson following the firm’s acquisition by Crestline, confirmed Gary Barnes, finance director of the city.

Trustees had planned to have a special meeting prior to its board meeting last month, but it is unclear when the pension plan will replace Lyster Watson’s FoHF. Auburn Hills’ investment consultant Asset Strategies Group informed trustees in March of the purchase of Lyster Watson’s funds of funds business (page 28) in which the pension had $1.7 million. The decision not to stay with Crestline Investors as a manager of the portfolio