San Antonio Fire & Police Pension Fund plans to search within the next month for at least one hedge fund-of-funds manager to run a total of $75 million, said Warren Schott, executive director. Officials at the $1.5 billion system have not determined how many managers would be hired. Funding will come from terminating the system's internally managed S&P 500 I-Shares portfolio. No decision has been made on whether a consultant will assist.
Separately, the fund's board approved the use of a global macro alpha strategy in a $27 million portfolio run by First Quadrant. The portfolio was run in an equity market-neutral strategy, but it "has not been getting the level of absolute return we'd like."