Manchester (N.H.) Employees’ Contributory Retirement System on Tuesday hired Permal Group to manage roughly $6.8 million in a hedge fund-of-funds strategy, confirmed Executive Director Gerard E. Fleury.
Permal replaces Attalus Capital, which has managed the $6.8 million hedge fund-of-funds mandate for Manchester for the past seven years. In a telephone interview, Mr. Fleury said while performance contributed to the change, other factors — including the industry’s evolution in areas such as transparency, reporting and fee schedules — also came into play.
John Boles, a managing director with Attalus Capital, couldn’t immediately be reached for comment.
Permal will join Archstone Partners in splitting Manchester’s 10% allocation to hedge funds of funds. As of April 30, the Manchester system had roughly $158 million in assets.
