Wednesday, 23 July 2014
Last updated 1 hour ago
Mar 21 2012 | 12:26pm ET
West Virginia's chief public investment manager has hired another hedge fund, its fourth in the last six months.
The $12.9 billion West Virginia Investment Management Board has awarded a $45 million mandate to San Francisco-based Partner Fund Management. The firm's Diversified Offshore Fund should offer "risk-adjusted capital appreciation" through "strategies with a primary focus on liquid equity markets," HFMWeek reports.
While the fund invests in liquid securities, West Virginia's investment won't be for about three years: The board has agreed to an 85% lockup expiring in January 2015.
The hire of Partner follows the additions late last year of Graham Capital Management, Pershing Square Capital Management and AQR Capital Management. All told, West Virginia has about $1.56 billion invested in 26 hedge funds.
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…