Friday, 22 May 2015
Last updated 5 min 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.
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…