Merced County (Calif.) Employees’ Retirement Association hired Titan Advisors to run a $14 million hedge fund-of-funds portfolio, said Steven Bland, plan administrator.
The $633 million pension fund also made a direct investment of $14 million in a multistrategy hedge fund managed by Och-Ziff Capital Management Group.
Funding comes from both domestic and international equities; Mr. Bland would not provide specific information but said no managers will be terminated.
Investment consultant Strategic Investment Solutions assisted.