The $1.1 billion pension fund's board voted to place the manager on watch at its Sept. 22 meeting due to the impending departure in November of Jenny Rhee, Symphony Asset Management's head of high yield and co-portfolio manager of the Baycity Long-Short Credit Fund.
The pension fund invested $25 million in the Baycity Long-Short Credit Fund managed by Symphony in 2019.
As of June 30, the actual allocation to hedge funds was 8%; the target is 10%.
Investment consultant Marquette Associates assisted.
Tina Consola, executive director, could not be immediately reached for further information.