Omaha (Neb.) Civilian Employees' Retirement System terminated SSARIS Advisors from a $19 million hedge fund-of-funds portfolio, said Buster Brown, chairman of the board of trustees.
The $241 million pension fund terminated the manager based on the recommendation of investment consultant DeMarche Associates, Mr. Brown said.
DeMarche advised terminating SSARIS after State Street Global Advisors sold its majority stake in the hedge fund-of-funds manager earlier this year. Mr. Brown said the consultant recommended the change because the SSARIS fund is “much smaller” and it could be harder “to get money out” of the fund.
Mr. Brown added a replacement hedge fund-of-funds manager will be announced around late September; DeMarche already has made a recommendation.