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Palm Beach drops Mesirow hedge fund-of-funds strategy

Palm Beach (Fla.) Retirement System terminated Mesirow Advanced Strategies from an $8 million hedge fund-of-funds portfolio, said William Hanes, administrator, in an email.

The $203 million pension fund's investment consultant, AndCo Consulting, recommended the termination; Mr. Hanes could not provide a reason.

AndCo recommended replacing the firm with another hedge fund of funds and presented four potential replacement firms at the pension fund's May 19 meeting: EnTrustPermal, Grosvenor Capital Management, Ironwood Partners and Titan Advisors. Mr. Hanes said the board did not make a decision and any further hedge fund allocations are pending.

The pension fund has a 10% target to hedge funds/global tactical asset allocation/risk parity. As of March 31, the actual allocation was 13.6%.