Rhode Island Pension Terminates Och-Ziff and Brevan Howard Funds
- State pension plan cutting allocation to hedge funds in half
- Hedge fund allcation to be cut to 6.5 percent from 15 percent
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Rhode Island’s $7.7 billion pension fund terminated investments in seven hedge funds, including Brevan Howard Asset Management and Och-Ziff Capital Management Group LLC, after voting last month to cut its allocation in half over two years.
The state also terminated Brigade Capital Management LP, Emerging Sovereign Group LLC, Partner Fund Management LP, Ascend Capital LLC and Samlyn Capital LLC, state Treasurer Seth Magaziner said in a news release. The state will redeem an estimate $585 million from hedge funds in the coming months.