Institutional Investors

Connecticut town redeems from UBP


The $78 million Cheshire Retirement Board in Connecticut is redeeming assets from UBP Asset Management, despite the fund performing well and the prospect of 90% of the pension fund's investment having come back with a remaining 10% slated to follow.

Headline risk is the main reason for the redemption, as UBP was put on a manager watch list early in 2009 following the firm's acknowledgment of some Madoff exposure in its fund of fund business.

The UBPAM Multi-Strategy fund itself was not exposed to investments tied to Madoff and has outperformed relative to its