Tuesday, 23 September 2014
Last updated 2 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."
Sep 22 2014 | 4:15pm ET
I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitich, CIO of Petty Endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.