Saturday, 18 April 2015
Last updated 11 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.
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…