Monday, 30 March 2015
Last updated 2 days ago
Mar 26 2012 | 2:06pm ET
Massachusetts' main public pension fund is all but quitting funds of hedge funds.
The $49.8 billion Massachusetts Pension Reserves Investment Management Board voted last week to move an additional $2.7 billion into direct hedge fund investments. The money will come from four of the plan's five funds of funds, which will lose their mandates.
MassPRIM said it would terminate Arden Asset Management, Grosvenor Capital Management, K2 Advisors and Rock Creek Group, which manage in excess of $2.8 billion. The pension will retain PAAMCo, whose emerging managers program is "highly complementary" to its direct hedge fund portfolio, according to agenda materials obtained by Pensions & Investments.
The new direct hedge fund investments will come over the next 15 months. MassPRIM has hired 21 hedge funds over the last six months, and is poised to hire another two—Wasatch Advisors and Acadian Asset Management. If approved, Wasatch will get $140 million and Acadian $60 million.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
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…