2009-03-09 — finalternatives.com
The $1.6 billion San Antonio Fire and Police Pension Fund has moved to redeem its investment in a pair of funds of hedge funds while allocating to a credit hedge fund.
According to minutes from a recent meeting, the pension is ending its relationship with Silver Creek Capital Management because of exposure to the Bernard Madoff scandal amounting to $450,000. The plan has also fired Marwood Group Asset Management, which is one of the plan’s low volatility fund of funds managers, and has redeemed $20 million from Ironwood Partners.
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