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Philadelphia to boost hedge fund allocation, plans new hire

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The Philadelphia Board of Pensions and Retirement has been considering boosting its hedge fund allocation to 10% from 6%, as officials continue to move forward with direct investments in hedge funds.

The board also had a recent job posting for an investment officer - hedge funds/public equities. The position at the $3.8 billion pension fund will have responsibilities within the hedge fund, public equity and portable-alpha portfolios.

The investment officer will report directly to chief investment officer, Christopher McDonough, and work closely with a nine-member board of trustees. Duties include recommending appropriate strategies and the number of managers