Wednesday, 1 October 2014
Last updated 9 hours ago
Sep 7 2010 | 8:25am ET
The Michigan State Retirement Systems is tripling its hedge fund allocation—at the expense of its private equity investments.
The $45 billion public pension fund has boosted its hedge fund allocation from 2% to 6%, Pensions & Investments reports. The hedge fund increase, as well as that of real return and opportunistic funds from 1% to 4%, will be funded by a sizeable cut in its private equity allocation from 20% to 14%. The reduction in p.e. investments will be undertaken gradually.
The increased hedge fund allocation will begin to take effect in October, the beginning of the Michigan Systems’ fiscal year. But the pension already invested an additional $203 million with Aetos Capital in June; Aetos runs a customized fund of hedge funds portfolio for the systems.
“Private equity has done well for the funds, but with increasing liquidity needs over the next several years, the change will reduce illiquid asset holdings,” Terry Stanton, a spokesman for the Michigan Department of Treasury, told P&I.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
High frequency trading is not evil, it is not a conspiracy and it really is not new; it is the natural evolution of the professional trading community making markets, providing liquidity and hopefully...