Louisiana State Police Retirement System, Baton Rouge, is in the “early stages” of hiring a hedge fund-of-funds manager for a $10 million mandate to replace incumbent UBP, according to Irwin Felps, executive director.
In an interview, Mr. Felps said the $372 million system is replacing UBP because of performance and organizational issues.
A UBP spokesman could not be reached for comment by deadline.
He said the system has a 5% allocation to hedge funds, with about $10 million with UBP and $10 million with GAM.
The system already has identified about 10 managers for the short-list search, which is expected to be completed by its June 16 board meeting.
The system also is expected to make a final selection by April 21 in its search for a U.S. active large-cap growth equities manager. Mr. Felps said incumbent INTECH has rebid.
