Mass. OKs Big Cut In Funds Of Funds

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.


In Depth

Royalties: The Alternative Assets of the Music Industry

Jul 8 2016 | 7:01pm ET

Recent market volatility has investors seeking greater insight into alternative...

Lifestyle

Vortic: Making Great American Watches Again

Jul 25 2016 | 6:29pm ET

If you are compelled by stories of entrepreneurial vision & drive, or simply...

Guest Contributor

MPI: Like Stellar Returns? Better Understand the Risks First

Jul 22 2016 | 8:44pm ET

When the press reports extraordinarily strong relative or risk-adjusted returns...