San Antonio Fire & Police Pension Fund will search for direct hedge fund managers to run a total of about $60 million, according to recently released minutes of the $1.9 billion fund's Jan. 31 board meeting.
The managers would replace hedge fund-of-funds managers Lazard Asset Management and Federal Street Partners. Officials at the pension fund are moving to direct investment in hedge funds from hedge fund of funds.
Individual account sizes for Lazard and Federal Street could not be learned.
The board approved authorizing staff to start the search process, but it is not known if it will be by shortlist or an RFP process. No RFP is posted on the fund's website.
Warren Schott, executive director, and Matthew O'Reilly, chief investment officer, did not return telephone calls for additional information.