Thursday, 25 December 2014
Last updated 23 hours ago
Dec 1 2011 | 9:58am ET
A major Texas state endowment will quit funds of hedge funds in order to save money on fees.
The $25.5 billion Texas Permanent School Fund plans to move its entire $2.5 billion hedge fund portfolio into direct investments, Hedge Fund Alert reports. According to chief investment officer Holland Timmins, such a move could save some $114 million over five years and would give it more flexibility to deal with underperforming managers.
Texas Permanent currently has no direct hedge fund investments, with its entire hedge fund portfolio managed by five funds of funds.
Texas Permanent's investment staff is currently hammering out manager selection criteria, which will be presented to the state Board of Education in January. If it's approved, the endowment hopes to present potential investments as soon as April.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.