Funds of Hedge Funds Institutional Investors

Ann Arbor hires BlackRock for $10 million fund of funds mandate

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The Ann Arbor (Michigan) Employees' Retirement System plans on funding a $10 million fund of hedge funds mandate with BlackRock this month.

Initially, trustees of the $400 million pension fund had split the mandate equally between BlackRock and HRJ Capital as it made inroads to hedge funds after much deliberation. Since November, officials have decided to award the entire hedge fund portfolio to the BlackRock Multi-Manager Partners Offshore fund following the departure of HRJ's Jennifer Coffey, saying she was a key person who selected the funds within the fund.

Coffey joined Lasair Capital and is understood to be assisting