Montana Cans Fund Of Funds Search, Citing ‘Bad News’

May 27 2010 | 3:58am ET

The Montana Board of Investments issued a request for proposals for funds of hedge funds almost two years ago. Apparently, the public pension fund manager didn’t like what it saw.

MBI has decided against awarding the mandate after finding the fees too high, the transparency too opaque and the liquidity too dry. Firms responding to the RFP offered “a constant flow of bad hedge fund news,” according to a memo obtained by Pensions & Investments.

“Perhaps the most troubling discovery was that three of the 24 RFP respondents had exposure to the Madoff ‘Ponzi’ scheme,” the memo said.


In Depth

Q&A: Rotation Capital's Rothfleisch On SPAC 2.0

Aug 11 2017 | 7:43pm ET

Corporate actions have long been a staple of event-driven investors, but activity...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Star Mountain: Private Lending in the Lower Middle-Market

Aug 14 2017 | 4:45pm ET

Private credit has become one of the most popular alternative asset classes in recent...

 

From the current issue of