Wednesday, 17 September 2014
Last updated 5 hours 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.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
The London Whale saga is a twist on the typical rogue trader story as the rogue trader recognized the error of his ways and was prepared to take his medicine but was instructed by superiors to “defe...