The board overseeing the $602m Louisiana Clerks of Court Retirement and Relief Fund has selected AndCo Consulting as its new general investment consultant.
AndCo replaces Summit Strategies, which was acquired by Mercer. That acquisition was a factor in the clerks’ fund issuing an RFP for a new consultant in September, executive director Debbie Hudnall said at the time.
Hudnall did not immediately respond to an email seeking further information about the decision to hire AndCo, or who the other finalists were.
As of 30 June, the retirement and relief fund had $47.7m in hedge funds, or roughly 7.9% of the total fund. The target allocation to hedge funds is 10%.
All of the pension fund’s hedge fund assets had been invested through Summit Solutions, whereby the consultant selected hedge fund managers in a format similar to a FoHF.
Prior to that, the pension fund’s hedge fund assets had been split between Blackstone ($23.9m) and Magnitude ($23.5m).
Hudnall said in September that the pension fund would continue to invest with Summit Solutions, at least until a new consultant has a chance to review the portfolio and possibly make other recommendations.
Louisiana Clerks pick AndCo as new consultant on HFM InvestHedge.