Hedge Funds Institutional Investors

NYC pension funds hire Aksia to help with initial hedge fund investments

by

Three New York City pension funds have hired the New York consultant after deciding in 2008 to invest in hedge funds.

The New York City pensions for employees, police officers and firefighters, which manage $65 billion in combined assets, are getting closer to making their first hedge fund investments, hiring a well-known industry consultant to help them choose funds.

The $37 billion New York City Employees Retirement System carved out a 3% allocation for hedge funds in 2008. The $21 billion New York City Police Pension Fund and the $7 billion New York City Fire Department Pension Fund had both instituted ranges of 3-5% for hedge funds. The three pensions began their search for a hedge fund consultant in July.