Kansas City (Mo.) Employees' Retirement System redeemed its $19 million investment in a diversifying hedge fund managed by AQR Capital Management.
The $1.1 billion pension fund temporarily reallocated the assets from the redemption from the AQR Delta XN Offshore fund into its investment in the BlackRock Market Advantage Fund, which currently has $36 million in its portfolio, said Barbara Davis, executive director, in an email.
Both portfolios are in the pension fund's opportunistic investment allocation, which is currently 10%, Ms. Davis said.
She added that a search will be conducted for a permanent replacement sometime in the future, but the timeline has yet to be determined.
Investment consultant RVK assisted.
Ms. Davis could not be immediately reached for further information on a reason for the redemption.