Monday, 4 May 2015
Last updated 2 days ago
Apr 14 2010 | 11:07am ET
The Texas Permanent School Fund may part ways with Goldman Sachs and will seek a new fund of hedge funds manager.
The $22 billion fund had put Goldman on watch in November. Its finance committee was concerned with staff turnover, HFMWeek reports.
It is unclear how much Goldman managed for the PSF—it’s fund of funds portfolio is divided into five separate mandates called “Raven,” ranging from $200 million to $800 million. But the fund will issue a request for proposals on April 23 that will presumably clarify the situation.
Consultant NEPC will oversee the search, which selections coming in November and a hire by the end of the year.
PSF is also mulling adding a sixth “Raven” mandate, although it is not going to boost its absolute return target from 10%.
“We will go through the process and if the board decides not to terminate Goldman, we will keep things the same,” a spokesman told HFMWeek. “A new manager could be substituted in and take over the Goldman separate account, if not we would have to establish a Raven 6.”
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…