Monday, 22 December 2014
Last updated 1 hour ago
Apr 29 2010 | 12:15pm ET
The University of Maine System’s Operating Fund has added a new fund of hedge funds manager to its portfolio.
The $236 million fund has given a $5 million allocation to the Permal Group.
As of Dec. 31 2009, the Operating Fund had a monthly net of fees return of 0.5%, and a trailing one year rate of return of 10.3%. In a February board meeding, the fund approved new policy targets which are a 25% Liquidity Pool, a 50% Income Pool, and a 25% Total Return Pool. The implementation is to be phased in over time.
Correction: An earlier version of the article that was based on an inaccurate media report stated that the Operating Fund was still waiting for the bulk of its investment in a different hedge fund to be redeemed. That vehicle, the Commonfund Absolute Return Fund, which closed in June, has actually returned over 98.7% of the money it owes to the University of Maine System’s Operating Fund, with the rest scheduled to be returned this year.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
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