Sunday, 24 May 2015
Last updated 1 day ago
Apr 25 2012 | 1:15pm ET
The Texas Permanent School Fund's plan to do away with its fund of hedge funds portfolio has been approved by the state's Board of Education.
The Board signed on off the $24 billion fund's plan to hire two of its five fund of funds managers to run "strategic partnerships" that will handle Texas Permanent's planned $2.4 billion single-manager portfolio. The plan is expected to save the fund some $35 million in fees over the next five years.
It is not clear how much of the total hedge fund portfolio Blackstone Alternative Asset Management and Grosvenor Capital Management will each run. The latter currently manages $770 million and the former $637 million.
What is clear is that the Permanent Fund's other funds of funds are out of luck: GAM Holding, K2 Advisors and Mesirow Advanced Strategies will all be terminated.
The board approved the plan despite some reservations, including the Permanent Fund's decision to limit its search for strategic partners to its five fund of funds managers and its choice to hire two rather than one.
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…