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

Kettera Q&A: The Advantages of Alternative Investment Platforms

Oct 28 2016 | 5:52pm ET

The past several years have seen a distinct push towards easier and cheaper access...

Lifestyle

Midtown's Plaza District Fades As Manhattan Office Landscape Shifts

Nov 22 2016 | 6:32pm ET

Lower leasing costs, more efficient office space and the hope of projecting an image...

Guest Contributor

Nowhere to Hide: Why the Future of Asset Management Depends on Innovation

Nov 15 2016 | 6:55pm ET

Information technology has reshaped the asset management industry’s periphery,...

 

From the current issue of

Chicago-based independent futures brokerage and clearing firm R.J. O’Brien & Associates (RJO) has hired industry veteran Daniel Staniford as Executive Director, responsible for the firm’s institutional business development in New York and London.

AVAILABLE NOW at BARNES & NOBLE

NEWSTAND LOCATOR