Friday, 27 March 2015
Last updated 2 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.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…