Tuesday, 31 May 2016
Last updated 27 min ago
Jun 21 2010 | 12:17pm ET
While one noted New Haven, Conn.-based investor has made a killing on hedge funds, the city’s own public pension fund has shied away from them—until now.
Dipping its toe into a pool that the Yale University endowment has long done laps in, the New Haven City Employees’ Retirement Fund has made its first investment in a hedge fund-like strategy. Emphasis here on the “like”: New Haven has picked a hedge-fund replication strategy run by IndexIQ, and has invested its $8 million through a managed account, HedgeWeek reports.
The IndexIQ Hedge Multi-Strategy SMA uses exchange-traded funds to replicate the performance of its Multi-Strategy SMA Index.