Monday, 30 November 2015
Last updated 4 hours ago
Aug 25 2011 | 12:40am ET
Virginia's capital city has hired Protégé Partners as it seeks to add emerging hedge fund managers to its portfolio.
The City of Richmond Retirement Systems picked Protégé over Larch Lane Advisors, HFMWeek reports. The former's size, investment team, infrastructure and track record were the major factors, Agecroft Partners' Donald Steinbrugge, a member of the $550 million public pension's investment committee, told HFM.
"We believe that Larch Lane and Protégé were the two best in the industry and it was a very difficult choice which of the two firms to hire, because we thought very highly of both," he said. "In the end, the consultant knew Protégé better than Larch Lane, which tilted the decision to Protégé."
Steinbrugge added that Richmond believes that seeding funds are likely to outperform established hedge funds.
"There is a lot of opportunity in the marketplace for seeder managers because a significant increase in hedge fund launches, along with a number of larger banks closing down their prop. desks, has resulted in some very high quality launches."
Oct 21 2015 | 10:41am ET
One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…