Sunday, 24 May 2015
Last updated 1 day ago
Feb 12 2010 | 5:36am ET
A major Dutch pension fund is looking to redeploy more than US$1 billion from funds of hedge funds to direct hedge fund mandates.
PGGM, which manages the € 87 billion Pensioenfunds Zorg en Welzijn, plans to redeem all of its funds of hedge funds investments, which total about €1.2 billion, Pensions & Investment reports. The pension would then invest that money in single-manager funds, with risk management dealt with internally.
Fons Lute, managing director of alternative strategies at PGGM, said the pension’s fund of funds exposure—accounting for some two-thirds of its €1.7 billion hedge fund portfolio—was showing too much overlapping beta exposure.
PGGM is expected to award most of the new mandates by the end of the year.
The pension will not invest in either fixed-income or merger arbitrage funds. It will also limit its investments in market-neutral and equity long/short strategies.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…