Institutional Investors

San Antonio waits for gates to lift before overhauling portfolio

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The $1.5 billion San Antonio Fire & Police Pension Fund is finishing up an asset liability study, embarking on a hedge fund consultant search and anticipating the lifting of gates among its funds of hedge funds so that it can move forward in redesigning its hedge fund portfolio.

Trustees approved the plan to redeem assets from Silver Creek Capital Management and Marwood Group Asset Management. In the case of Silver Creek, the fund of funds group was impacted by its exposure to Bernard Madoff, while in the case of Marwood, the fund of fund portfolio was struggling relative to