Fresno County Employees' Retirement Association in California has come up with an informal fund of funds shortlist after completing a thorough manager stress review.
Investment consultant Wurts & Associates surveyed potential fund of fund managers and current manager Blackstone Alternative Asset Management on hedge fund redemptions. Manager stress reviews were done on Aetos Capital, Grosvenor Capital Management, Common Sense Investment Management and Blackstone. All the managers surveyed were deemed healthy by Wurts.
The $2 billion county pension fund trimmed its proposed 9% allocation to hedge funds to 5% following recommendations from its consultant, which illustrated