Tuesday, 1 December 2015
Last updated 9 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.
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…