Funds of Hedge Funds Institutional Investors

Louisiana Police to keep UBP after fees reimbursement


The $450 million Louisiana State Police Retirement System will keep its investment in UBP Asset Management despite the firm's losses through its Madoff investments, which were discussed at a recent board meeting.

The decision is not without a number of concessions on UBP's part. The fund of funds has offered to reimburse the retirement system by waiving its management fees for the first quarter of 2009, and then reimbursing half the system's loss, with 20% refunded each year over the next five years, as long as the pension fund remains