Kansas City (Mo.) Police Employees' Retirement System hired hedge fund-of-funds firm SSARIS to oversee up to 10% of the system's $800 million in total assets, said Jim Pyle, fund manager, in a telephone interview.
It's the system's first hedge fund investment of any kind, Mr. Pyle said.
Mr. Pyle said the system will gradually fund the investment out of its equity and fixed-income allocations. “We're looking to lower the volatility in the portfolio,” he said.
Investment consultant DeMarche Associates assisted.