Thursday, 2 October 2014
Last updated 37 min ago
Nov 15 2010 | 10:51am ET
A British pension fund has given embattled fund of hedge funds Pacific Alternative Asset Management Co. a much-needed vote of confidence.
The Merseyside Pension Fund has finalized its hire of PAAMCo, handing it the £25 million it awarded the firm four months ago, Pensions & Investments reports. But the hire was postponed as the Liverpool pension undertook further due diligence to look into PAAMCo’s ownership situation, which was complicated by an August ruling awarding Paloma Partners’ S. Donald Sussman a 40% stake in the fund of funds’ parent company.
The judge in that case, U.S. District Judge Richard Sullivan, wrote in his ruling that PAAMCo’s structuring of Sussman’s investment in the firm “may have been designed to mislead” about its women-owned status. PAAMCo denies that allegation but has chosen not to appeal Sullivan’s decision.
The Securities and Exchange Commission has also launched an investigation into PAAMCo’s ownership structure, and the hullaballoo has already scared off at least one investor. But following its own investigation, the Merseyside Pension was anything but scared off: It plans to triple PAAMCo’s mandate to £75 million.
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...