Ohio Highway Patrol Retirement System, Columbus, will search for hedge fund-of-funds managers and/or direct hedge fund managers to run a total of about $15 million, confirmed Dan Weiss, executive director.
The $762 million system will issue an RFP to be posted on its website “within the next couple of months,” said Mr. Weiss in a phone interview.
The hires will be funded by terminating GAM, which runs $15.1 million in a hedge fund of funds, due to “performance, organizational changes that have resulted in the loss of key personnel and meaningful redemptions by other investors,” according to Mr. Weiss.
A phone call to GAM spokesman Bill Blase was not returned by press time.
The system also announced it will request the redemption of its $1.9 million investment in Protege Opportunistic Fund, a hedge fund of funds that will close by Dec.31.
Separately, the system hired Wellington Management to run $35 million in global fixed income, pending contract negotiations. The other finalists were Loomis Sayles and Baring.
The hire is part of the system's target allocation changes approved by the board in June.