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

FINtech Focus: Fundbase Aims To Revolutionize Access To Hedge Funds

Jan 23 2015 | 11:03am ET

Global investment in financial technology—also known as fintech—is booming....

Lifestyle

Ex-Hedge Fund Billionaire Won’t Run For Senate

Jan 23 2015 | 5:48am ET

Ex-hedge fund manager Tom Steyer will not run for Senate after Sen. Barbara Boxer...

Guest Contributor

From Switzerland With Love: Some Hard Truths About Central Banks And Risk

Jan 23 2015 | 7:54am ET

In the wake of the Swiss National Bank uncoupling the country’s currency from...

 

Editor's Note