New Orleans City Employees Retirement System terminated Mariner Investment Group, which ran $4 million in a hedge fund of funds, because of performance, said Jerry Davis, chairman. The money was dispersed to the $365 million system's other hedge fund-of-fund managers: Clinton Group, K2 and Okumus. Peter O'Rourke, general counsel for Mariner, declined to comment.
Separately, plan officials are considering hiring the Quellos Group as an additional hedge fund of funds manager, Mr. Davis said. Funding will likely come from the plan's other hedge fund managers. He would not say when a decision on Quellos would be made.
