As initial anxiety over Donald Trump’s victory gave way to market euphoria in the days following the election, there was a casualty. Gold prices.
Tuesday, 24 January 2017
Last updated 20 hours ago
Jan 18 2011 | 8:14pm ET
West Virginia has invested more than $30 million in two hedge funds and pulled $12 million from another.
The moves by the West Virginia Investment Management Board came after two of the hedge funds it invested with were shuttered and a third returned excess capital. The $9.1 billion public pension moved $30 million it had invested in a now-liquidated Anchorage Capital Partners credit hedge fund to another Anchorage fund, Pensions & Investments reports. It also took $6.4 million in distributions from Bridgewater Associates’ Pure Alpha fund and put it with Bridgewater’s Pure Alpha Major Markets fund.
Bridgewater launched the Major Markets fund late last year to give investors an opportunity to continue investing money returned from the Pure Alpha fund in a similar strategy.
On the other hand, West Virginia is simply taking its $12 million from Vicis Capital back. The firm closed its doors last January in the face of a federal fraud investigation. The pension chose not to invest in a new hedge fund launched by the Vicis team.