The $1.5 billion Louisiana Municipal Police Employees' Retirement System has tapped Permal Group and Cadogan Management to manage $20 million each.
Trustees of the retirement fund interviewed six finalist funds of hedge funds in November, including Union Bancaire Privée Asset Management, which later revealed exposure to Bernard Madoff. Dan Holmes of Summit Strategies Group assisted the system.
As part of the provess, trustees stipulated that the firms hired must be transparent.
Other funds of funds included in the trustees' shortlist were Blackstone Alternative Asset Management, Evanston Capital and Entrust Capital.