WEST PALM BEACH, FL (HEDGECO.NET) – The Lexington Massachusetts Retirement System has announced its plans to seek a waiver from the state�s Public Employee Retirement Administration to allow the townto invest some of its retirement assets in hedge fund vehicles. Marguerite Oliva, retirement administrator, for the town�s retirement system, made such disclosure.
Currently the state�s Public Employee Retirement Administration limits investment of pension funds in alternative investment strategies such as hedge funds if the total management assets are below $250 million. The trustee of the Lexington Retirement System wants to appeal to the state�s body to grant a special waiver to enable smaller pension plans which also use the services of an investment consultant to invest with hedge fund managers.
The Lexington Pension System has among its board members, individuals with investment expertise. If such a waiver is granted, it will also open the way for other smaller pension schemes in the state with some board members knowledgeable in the arena of investments, to qualify for similar approval to invest with hedge fund managers.
According to Ms. Oliva, if the state authorities approve such a request, about 5% of the retirement assets will be invested with hedge fund managers. She however, said final determination and details will need to be worked out. According to news reports, two members of the Lexington�s retirement scheme works for money management firms and such experience may bode well the pension scheme�s waiver request. It remains to be seen if the state authorities will grant such a waiver.
Paul Oranika
Editor-in-Chief
HedgeCo.Net
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