The manager of the U.K-based Railways Pension Scheme has terminated two of its three fund of hedge funds.
Financial News reported that RPMI is reallocating about $1.5 billion of its $3.1 billion hedge fund portfolio to direct hedge fund investments.
RPMI chief investment officer Keith Shepherd did not disclose to Financial News which funds of funds are being let go. The system currently employs Blackstone Alternative Asset Management, Grosvenor Capital and Rock Creek Group.
RPMI manages about $29.7 billion for employees.