Wednesday, 6 May 2015
Last updated 14 min ago
Mar 8 2011 | 12:43pm ET
Germany's largest public pension fund is giving the Man Group a big vote of confidence with a €1.2 billion allocation to the firm's managed account programs.
The €50 billion Bayerische Versorgungskammer will begin allocating the money to Man over the course of the year. The pension is retaining the right to choose which managers Man invests its money with, as well as how its portfolio will be built.
"To be awarded a large mandate by a pension fund as progressive and sophisticated as BVK is a huge achievement for Man and testament to the strength of our managed account offering," CEO Peter Clarke said.
"We undertook a rigorous selection process for our managed account platform provider," BVK deputy head of alternative investments Dajana Brodmann said. "Man impressed us with the depth of their expertise, their long-standing experience with managed accounts and robustness of their risk management process."
Man no doubt hopes the BVK investment will help it to stem outflows, which it has continued to suffer even as the hedge fund industry as a whole has begun to rebuild its asset base. The firm suffered US$1 billion in net redemptions in the fourth quarter, all of it due to a single investor's decision to redeem more than US$1 billion.
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…