Tuesday, 21 October 2014
Last updated 37 min ago
Jan 31 2011 | 1:35am ET
Hedge fund manager Orin Kramer has resigned from New Jersey's state pension management board, just four months after stepping down as its chairman.
Kramer, who heads New York-based Boston Provident Partners, left the New Jersey State Investment Council last week. In his eight years at the pension board's helm, he spearheaded a major push into alternative investments, which now make up 15% of its assets under management.
"Orin Kramer has served for more than eight years on the council that sets investment policy for New Jersey pension funds in excess of $70 billion. His knowledge and contribution during that time has been of great worth to the citizens of New Jersey, and Treasurer Andrew Sidamon-Eristoff thanks him for his service," a spokesman for Sidamon-Eristoff said.
But to hear Kramer talk about it, he wasn't feeling much gratitude. He told The Wall Street Journal that he had grown tired with criticism that the board under his watch took too many risks.
In September, former Carlyle Group partner Robert Grady was elected chairman of the council; Kramer did not stand for re-election. Grady was appointed to the board by Gov. Chris Christie in May.
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…
Most traders agree that proper risk management is the key to successful trading. However, many traders depend on the deeply flawed measure of standard deviation as a benchmark of risk. Here we put it ...