SACRAMENTO, Calif. (HedgeWorld.com)–Unable to come to terms on a contract, the California Public Employees' Retirement System and London-based fund of funds Financial Risk Management Ltd. have parted ways.
CalPERS, with US$161 billion in assets, last year had said it wanted to partner with FRM and two other funds of funds firms to implement a US$1 billion hedge fund investment strategy. FRM and the two firms, Pacific Alternative Asset Management Co., Irvine, Calif., and UBS O'Connor LLC, Chicago, were to have been part of a hedge fund advisory "pool" that would give CalPERS ready access to hedge funds.
CalPERS decided to work with those three advisers after a contract with Blackstone Alternative Asset Management, New York, expired Previous HedgeWorld Story.
