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

Debunking Conventional Investment Wisdom

Feb 8 2017 | 3:22pm ET

Due diligence in the hedge fund world has long involved some combination of the...

Lifestyle

'Tis the Season: Wall Street Holiday Parties Back In Fashion

Dec 22 2016 | 9:23pm ET

Spending on Wall Street holiday parties has largely returned to pre-2008 levels...

Guest Contributor

iCapital Network: The Trump Effect On Direct Lending

Feb 23 2017 | 4:21pm ET

The arrival of the Trump Administration has raised questions among private debt...

 

From the current issue of