Ohio Highway Patrol Retirement System, Columbus, is searching for either a hedge fund-of-funds manager or at least one equity long/short hedge fund manager to run $15 million, confirmed Dan Weiss, executive director.
The $762 million system issued separate RFPs for each to “determine whether we want to pursue individual hedge funds or a fund of funds,” Mr. Weiss wrote in an e-mail.
Funding comes from the termination of GAM, which runs the money in a hedge fund of funds, because of “performance, organizational changes that have resulted in the loss of key personnel and meaningful redemptions by other investors.” The termination is effective Dec. 31.
Joe Gieger, managing director, GAM Americas, said the system has been a very valuable client since July 2009, noting the manager has gained 25 accounts since that time with an “extremely deep team” that has been led by David Schmidt since 1998.
The RFPs are available at the fund’s website. Proposals are due Sept. 30, with a selection expected Dec. 15. Consultant Hartland & Co. is assisting.