Alaska Permanent Fund Corp., Juneau, narrowed its absolute-return manager lineup to three from four, with the liquidation of its investment with PAAMCO earlier this year, confirmed Laura Achee, spokeswoman for the $38.3 billion fund.
Ms. Achee wrote in an e-mail that the APFC began reducing its absolute-return manager lineup in mid-2008. She said during that time the fund terminated Lehman Brothers and PAAMCO, which ran approximately $375 million and $550 million, respectively.
“With Lehman, there was a lack of confidence in their business model. With PAAMCO, we looked at the remaining managers and chose to go forward with the ones with strategies that seemed to best align with our long-term goals,” Ms. Achee wrote in the e-mail.
Managers remaining in the lineup are Mariner Investment Group with $1.2 billion, Crestline Investors with $1 billion and Lazard Alternative Investments with $371 million, Ms. Achee wrote.
APFC Executive Director Michael Burns did not return calls requesting additional information.
