New Orleans Employees Retirement System hired five firms to run a total of $19 million in hedge funds of funds, said Jerry Davis, chairman of the $406 million funds board of trustees. It will invest $5 million with Societe Generale Asset Management, $5 million with Hatteras Investment Partners, $3.5 million with Union Bancaire Privee Select Invest, $3.5 million with Deutsche Asset Management and $2 million with Archery Capital. Funding comes from rebalancing. The board decided to make the move for further diversification and hopefully boost returns, Mr. Davis said.
The system started looking for managers in March. Consultant Morgan Stanley assisted.