San Antonio Fire & Police Pension Fund approved a full redemption from hedge fund manager Brevan Howard, according to recently released board meeting minutes.
Underperformance and personnel turnover were cited as the reasons for the redemption. Details on the strategy and size of the investment could not immediately be learned.
A Brevan Howard spokesman declined to comment.
Separately, the $2.8 billion pension fund decided to postpone a fixed-income search until after a chief investment officer is hired to replace Matthew O'Reilly, who left earlier this year. The fixed-income search was initiated in March.
The pension fund also decided to postpone a global macro hedge fund search that started in January, citing a new city policy limiting the amount of administrative leave for pension fund travel and a need to put due diligence visits on hold.
A pension fund spokesman could not immediately provide additional information.