Friday, 19 December 2014
Last updated 1 hour ago
Mar 16 2011 | 12:01pm ET
Albourne Partners has replaced Aksia as the hedge fund consultant for New York's largest public pension plan.
Aksia's contract with New York expires at the end of the month.
The $140.6 billion New York State Common Retirement Fund, which was wracked a few years ago by a pay-to-play scandal, said the decision came down to price: Aksia's services cost $1.7 million for the pension's last fiscal year, while Albourne's universal access service goes for just $400,000 per year.
"We're concluding our relationship with Aksia and entering a new relationship with Albourne," spokesman Olayinka Fadahunsi told Pensions & Investments. "We believe the consultant change will generate cost savings for the fund."
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.