Sunday, 24 May 2015
Last updated 1 day ago
Aug 1 2011 | 12:36pm ET
Texas has given its teachers' pension plan the freedom to invest up to 10% of its assets in hedge funds.
The state Legislature passed and Gov. Rick Perry signed last month the law giving the Teacher Retirement System of Texas the new authority. The $108 billion system had lobbied for the change, saying that the added flexibility could have helped it avoid more than $30 billion in losses during the financial crisis.
Prior to the new legislation, TRS was authorized to invest no more than 5% of its assets in hedge funds.
The law "puts another tool in the chest" of TRS' managers, state Rep. John Otto, one of its sponsors, told the Financial Times.
"I think there is a place for hedge funds if they are used properly and not used as a leveraging risk, as opposed to a leveraging against risk."
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…