Bush Brother's Hedge Fund OKed For Nashville Pension

May 2 2011 | 12:22pm ET

Nashville's main public pension fund is set to invest $85 million in a hedge fund managed by former President George W. Bush's brother.

The Metro Pension Investment Committee is moving forward with plans to invest in Winston Partners after receiving legal clearance. There had been questions as to whether the Arlinton, Va.-based firm had properly completed the request for proposals for the allocation; it didn't mention that Marvin Bush was sued by shareholders of HCC Insurance Holdings, on whose board he served.

"Unfortunately, as we discussed, if Metro wanted information such as that described above regarding the Winston principal, the RFP simply did not ask the right question and Winston appears to have responded appropriately to the question posed in the RFP," law firm Baker Donelson wrote.

"We appreciate that the accuracy and appropriateness of our response was confirmed by a highly-respected law firm, particularly given our firm's well-earned reputation for integrity, compliance and transparency," Bush said.

The investment in Winston will be Metro's first, part of a $170 million hedge fund allocation plan.


In Depth

Dillon Eustace: The Advantages of ICAVs

Feb 11 2016 | 7:51pm ET

As the growth of alternative investment vehicles continues, global asset managers...

Lifestyle

Citadel's Ken Griffin Donates $40M To New York's Museum of Modern Art

Dec 22 2015 | 9:23pm ET

Citadel founder Ken Griffin has donated $40 million to New York’s Museum of Modern...

Guest Contributor

Hedging Against Reputational Risk in the 21st Century

Feb 12 2016 | 7:18pm ET

For investors, the first step in researching a new fund or manager is to google...