Louisiana State Police Retirement System, Baton Rouge, chose GAM USA, Quellos Capital Management, JPMorgan and Union Bancaire Privee as finalists in its search for a hedge fund manager to run $20 million, confirmed Irwin Felps, executive director of the $440 million fund. It is the funds first allocation to hedge funds. Funding will come from cash. A selection will be made at the boards April 18 meeting, Mr. Felps said. An RFP was issued in late January; UBS Financial Services is assisting.
Separately, the fund put Waddell and Reed Investment Management on watch for a domestic small-cap equity portfolio that has underperformed its Russell 2000 Growth index benchmark. Mr. Felps declined to provide the portfolio size but said if performance doesnt improve by June 30, the fund will begin a search for a replacement. Roger Hoadley, a Waddell and Reed spokesman, did not return a call requesting comment by deadline.