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

Bob Doll's Ten Market Predictions For 2016

Jan 7 2016 | 9:37pm ET

Well-known market strategist Robert Doll has published his annual list of ten predictions...

Lifestyle

Citadel's Ken Griffin Donates $40M To New York's Museum of Modern Art

Dec 22 2015 | 9:23pm ET

Citadel founder Ken Griffin has donated $40 million to New York’s Museum of Modern...

Guest Contributor

Hedge Fund Marketing - Making the Most of Your Salesperson

Jan 20 2016 | 8:11pm ET

In this contributed article, Bruce Frumerman of Frumerman & Nemeth takes a close...