Wednesday, 25 November 2015
Last updated 2 hours ago
Apr 9 2010 | 1:20am ET
In Fresno, Calif., common sense triumphs over captains of industry. Common Sense Investment Management, that is, which beat out the Blackstone Group for the county’s shrinking hedge fund allocation.
The Fresno County Employees’ Retirement Fund has decided to redeem its $15 million investment with Blackstone Alternative Asset Management this summer, handing the money instead to Portland, Ore.-based Common Sense, which it hired in June. The move leaves the pension’s entire hedge fund allocation with just two firms, Common Sense and Grosvenor Capital Management, also hired in June.
“It did not make sense to leave the $15 million mandate we had with them,” the pension’s retirement administrator, Roberto Pena, told HFM Week. Blackstone had bid for the fund of hedge funds mandate, but lost to Common Sense and Grosvenor.
Aetos Capital and EnTrust Capital Management were also in the running, although the latter was disqualified over its due-diligence policy.
The Fresno plan last year slashed its hedge fund allocation from 9% to 4% in response to market turbulence.
Oct 21 2015 | 10:41am ET
One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…