Macomb County (Michigan) Employees' Retirement System is finally moving forward with its fund of hedge funds plans following a halt to the programme after last year's financial crisis.
Five firms have been selected to run $36 million for the $700 million retirement system. Of the five, three have recently received funding and a fourth firm will be approved to receive funding soon, according to Gary Cutler, a board trustee.
Last year, trustees selected Lyster Watson to manage $12 million as the manager best suited to Macomb County's goal of finding low-volatility strategies. Other