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Komfie Manalo, Opalesque Asia:

Grosvenor Capital said it would stop accepting money from the $16.3bn Illinois State Universities Retirement System (SURS) and withdraw as a finalist to manage some $500m for the pension fund, reported Pensions & Investments.

GCM Grosvenor is one of the world’s largest independent alternative asset management firms. Founded in 1971, it employs a staff of 465 and has around $51bn of AuM, 93% of which institutional.

Grosvenor chairman and CEO Michael J. Sacks sent a letter to SURS CIO Daniel L. Allen to inform him of his decision, saying that his current social activism and political contributions might damage the reputation of the firm’s clients as well as his own firm.

"Sadly, recent media accounts and erroneous reports regarding or stemming from my civic engagement, and the increasing frequency of such reports, has led me to believe that the only option available to eliminate any semblance of conflict is to not pursue any new business with the state of Illinois at this time," Sacks said in his letter.

Allen replied saying SURS respected their decision.

While Grosvenor has backed out from SURS, it will still continue to manage at least $421.4m in funds of hedge funds allocations for the $46bn Illinois Teachers' Ret......................

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