The Hospital Authority Provident Fund Scheme (HAPFS) has terminated two investment managers, Asia Asset reports. The terminated managers include FRM, which lost its fund of hedge fund (FOHF) strategy, while the other manager lost its emerging markets mandate.

The pension scheme of Hong Kong’s hospital authority has short-listed three FOHFs and is also planning to replace its emerging markets equity manager. HAPFS has appointed Cambridge Associates to undertake the search.

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