An absolute-return and hedge fund portfolio has been closed and its funds re-allocated by Anne Arundel County Retirement and Pension System, HFMWeek reports. The $1.3 billion retirement system has done so in an attempt to obtain an 8 percent return.

Of the 7 percent initially invested in the portfolio, 5 percent is planned to be allocated to the group called “risk parity with alpha overlay”. The balance 2 percent would be invested in two equal parts in GTAA and the “large cap, portable alpha portfolio”. The system’s board also decided to allocate $10 million to the Attalus portfolio, a Philadelphia-based fund of hedge funds.

Click here for the story from HFMWeek.