Sunday, 1 February 2015
Last updated 2 days ago
Apr 4 2012 | 2:25am ET
It's official: Massachusetts' public pension funds are moving most of their hedge fund investments out of funds of hedge funds.
The Massachusetts Pension Reserves Investment Management Board yesterday voted to move some $2.7 billion from funds of funds to its direct hedge fund investment program. When the redemptions and hirings are over, by July of next year, the $50 billion system will have $4.2 billion invested directly with hedge funds and just $750 million invested in a single fund of funds, Pacific Alternative Asset Management Co.
The others, Arden Asset Management, Grosvenor Capital Management, K2 Advisors and Rock Creek Group will all be terminated.
Separately, MassPRIM's board approved a $140 million mandate to Wasatch Advisors and $60 million to Acadian Asset Management.
Jan 23 2015 | 1:00pm ET
In our new section, FINtech Focus, we will profile one of these firms each week. While fintech is a broad category, we will be focusing on firms that specifically cater to the alternative investment industry. Read more…