Texas’ Fort Worth Employees’ Retirement Fund is redeeming its hedge fund investment in BlackRock.
The pension fund’s executive director and chief investment officer, Joelle Mevi, told Pensions & Investments that it has requested to liquidate its $12.5 million investment in BlackRock’s global macro strategy. The reason for redemption was not disclosed.
The pension fund, which manages approximately $2.1 billion for employees, is currently deciding where to reallocate the money.
New York-based BlackRock manages more than $103.4 billion in alternative strategies, including hedge funds, private equity and real estate. The firm has approximately $4.3 trillion in total assets.