Thursday, 28 August 2014
Last updated 4 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…
Commodities/Futures magazine launched at the precipice of a revolution in the futures industry—really a revolution in the idea of risk management—that would move it from a small niche industry to ...