Two have canned Common Sense Investment Management—which is owned by Bisenius' wife—in the wake of his run-in with some cops placed strategically in a suburban Portland motel parking lot, a terrible injustice to an "outstanding team of professionals" led by a man who would never seek to impose his own moral codes on another person.
Cincinnati Retirement System trustees on Thursday voted to drop Portland hedge fund Common Sense Investment Management after the firm's CEO, Jim Bisenius, was arrested in a prostitution sting.
Common Sense manages roughly $100 million, or 5 percent of the system's assets, according to WCPO in Cincinnati, which first reported the story.
Fresno County (Calif.) Employees' Retirement Association terminated Common Sense Investment Management, said Phillip Kapler, retirement administrator.
Common Sense managed about $68 million in a hedge fund-of-funds portfolio. Mr. Kapler said the firm was terminated for a combination of performance, recent news and because the $3.5 billion pension fund is heading in a different direction.
Pension fund drops Portland hedge fund after prostitution arrest [Portland Business Journal via KATU]
Fresno County Employees terminates Common Sense Investment Management [P&I]
Prostitution Arrest Costs Common Sense Two Pension Clients [FINalternatives]