Institutional Investors People Moves

New York City continues hedge fund expansion


Three New York City retirement systems have now made initial hedge fund plays via Permal Group.

In the last month, the New York City Employees’ Retirement System board unanimously approved a $250 million allocation to funds of hedge funds Permal Group, following the New York City Police Pension Fund trustees unanimously selecting Permal Group ($150 million) as its first hedge fund investment. Most recently, the $7.6 billion New York City Fire Department Pension Fund board of trustees voted to approve a $50 million allocation to Permal Group in order to further diversify the