Institutional Investors

Philadelphia still targeting single manager, niche FoF strategies

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This $3.6 billion municipal pension is set to equalise direct and fund of fund investments with up to eight new managers by year end

This $3.6 billion municipal pension is set to equalise direct and fund of fund investments with up to eight new managers by year end

By Susan Barreto

As most U.S. municipal pension plans are only getting a good start on their hedge fund programmes, the City of Brotherly Love is quickly becoming the 'City of Hedge Fund Hope'. The Philadelphia Board of Pensions and Retirement, an early allocator to funds of hedge funds, is now filling single manager mandates with plans of creating a 50:50 mix of funds of funds and direct investments.


Christopher McDonough


Officials are