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Hedge Funds

Chicago Policemen’s plan chooses 5 finalists for hedge fund-of-funds search

?hicago, USA - July 11, 2012: Chicago police patch on the arm of an officer at the Taste of Chicago.

Chicago Policemen's Annuity & Benefit Fund selected five finalists in its search for hedge funds-of-funds managers to run $50 million to $70 million in customized long/short equity portfolios.

EnTrustPermal, J.P. Morgan Asset Management (JPM), PAAMCO Prisma, Pluscios Management and UBS Hedge Fund Solutions will present their strategies to the $2.7 billion pension fund's investment committee at an Oct. 23 meeting, said Aoifinn Devitt, chief investment officer, in an email.

Ms. Devitt said the mandate calls for a concentrated portfolio of long/short equity hedge funds and that one or two firms will be hired.