Saturday, 26 July 2014
Last updated 13 hours ago
Jun 15 2011 | 2:27am ET
The Florida Retirement System has hired two hedge funds and is preparing to hire as many as seven others as it seeks to meet its 6% target to the asset class.
The Florida State Board of Administration, which overseas the $131.5 billion pension fund, awarded $100 million each to King Street Capital Management and Taconic Capital Advisors, HFMWeek reports. The board also approved two other hedge fund investments, although the names of the lucky managers were not disclosed, pending legal negotiations.
Two other hedge fund managers, GSO Capital Partners and Colony Capital Management, are near final deals with the pension for their respective credit funds.
The hires follow those earlier this year of Highline Capital Partners and Mason Capital, with the former, a long/short equity fund, getting $150 million, and the latter, an event-driven fund, $100 million. The SBA also added hedge fund Starboard Value to FRS' activist portfolio with a $125 million allocation.
The SBA has also contacted three other hedge funds to begin due diligence.
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…