Ann Arbor (Mich.) Employees' Retirement System will make a full redemption from Tse Capital Offshore Fund.
The $511 million pension fund's investment policy committee at its Sept. 22 meeting approved the redemption from the macro hedge fund managed by Tse Capital Management, recently released meeting minutes show.
As of Sept. 30, the pension fund had $6 million invested in the fund. The total allocation to hedge funds as of that date was 2.7%.
The minutes show investment consultant Meketa Investment Group recommended the redemption because "the firm has failed to execute as anticipated." Officials at Tse Capital could not be immediately reached for comment.
The redemption will take place at the Dec. 31 trade date, and how the assets will be reallocated will be determined closer to that date, the minutes say.
Wendy Orcutt, executive director, could not be immediately reached for further information.
