Fire & Police Pension Association of Colorado, Greenwood Village, may add a third hedge fund-of-funds manager to run a portion of its $167 million portable alpha allocation, said Bill Morris, CEO of the $3.5 billion plan. Gottex Fund Management and Fairfield Greenwich Group have handled the allocation since its inception in late 2004, and both managers have met the plans expectations, Mr. Morris said. Hiring a third manager will help with diversification and risk management, he added. The exact allocation size and source of funding have yet to be determined.
The decision to expand the portable alpha allocation was based on a review of the program by Pension Consulting Alliance.