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.
The hire is part of the system's target allocation changes approved by the board in June.