Armstrong County Employees' Retirement Fund, Kittanning, Pa., is considering hiring a consultant to monitor performance and help the board decide whether to add another money manager, said Darlene Pike, county controller.
The board is not in the process of a "serious search,'' she added, but may have a better idea in December of what will be done.
The $28 million fund currently uses C.S. McKee as sole manager, but the board had decided to consider other firms once the fund had grown to a certain level of total assets, Sondra L. Mervis, treasurer, said.
Hedge fund managers maintained positive returns in August, on average, in a month when many stock and bond market indexes were negative.
The Hennessee Hedge Fund Advisory's index was up 0.34% in August, and was up 16.3% year to date. Evaluation Associates Capital Markets composite hedge fund index returned 0.2% in August and 10.7% year to date. Hedge Fund Research's composite index of hedge fund managers returned 0.63% in August, and 14.8% year to date. In the same respective periods, the S&P 500 Index returned -5.6% and 22.9%. The Lehman Brothers Government Corporate Bond Index returned -1.1% and 4.7% for the same respective periods.