The Police & Fire Retirement System of the City of Detroit has approved eliminating their hedge fund position and has redeemed investments from two real estate funds, as described in meeting minutes from the September 19 meeting.
The most recent investment policy targets a 5% allocation to hedge funds. Investment consultant, Wilshire, assisted with the recommendation to exit hedge fund investments.
In addition, it was approved to redeem investments from real estate managers, American Realty and Intercontinental. Real estate consultant, ORG, assisted with the redemption recommendations.
Further details of the investments were not available.
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