Trustees at the Kansas City Public School Employees’ Retirement System voted unanimously to terminate its relationship with Pacific Alternative Asset Management Company (PAAMCO) regarding the litigation the firm has faced.
The $690 million pension system had an $18 million allocation with the firm. According to meeting minutes, officials decided to transfer funds from PAAMCO to Rhumbline until a new manager is selected. PAAMCO Founders, the holding firm, recently faced off with Donald Sussman over the structure of a loan that ultimately gave Sussman the right to 40% of the Founders’ equity in the firm. A PAAMCO spokesman said