Tuesday, 5 May 2015
Last updated 6 hours 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.
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…