Institutional Investors

Kern County goes direct

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The $2.8 billion Kern County Employees’ Retirement Association in Bakersfield, California is poised to redeem from Blackstone Alternative Asset Management and K2 Advisors, aiming to re-invest the assets – equivalent to 5% of the total fund and half of the 10% policy allocation to hedge funds – directly with the aid of Albourne Partners, its specialist consultant that was appointed in late June. The scheme will also raise its total allocation from 5% to 10% of total assets, raising the additional 5% from non-hedge fund allocations.

Chief investment officer Peter Tirp, who joined the pension fund last autumn,