Friday, 22 May 2015
Last updated 49 min ago
Apr 19 2012 | 12:33pm ET
The Texas Permanent School Fund's decision to dump funds of hedge funds in favor of direct investing hasn't proved a disaster for its funds of funds—not all of them, anyway.
In fact, two of them will be overseeing even more under the direct plan than they do now. The $24 billion endowment will ask Blackstone Alternative Asset Management and Grosvenor Capital Management to handle "strategic partnerships" that will handle the Permanent fund's $2.5 billion hedge fund portfolio. Currently, Blackstone manages $637 million and Grosvenor $770 million for the fund.
The other funds of funds currently running just over $1 billion for the Permanent Fund are not so lucky: They're to be terminated.
The plan, which could save the Permanent fund some $35 million in fees over the next five years, now goes to the Texas state Board of Education. The board will consider it tomorrow.
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…