Saturday, 18 April 2015
Last updated 3 hours ago
Jul 25 2012 | 9:59am ET
A multi-billion euro Dutch pension fund is getting out of hedge funds after suffering losses on the asset class last year.
The TNO pension fund, which manages the retirement assets of the Dutch institute for applied technical research, plans to redeem its entire hedge fund portfolio, which accounts for 2.9% of its €2.4 billion in assets. "Because research has shown we can get a comparable risk/return profile with traditional asset classes, we have said goodbye to hedge funds for the time being," the pension said in its annual report.
The performance of TNO's hedge funds didn't help, either: They lost 7.2% in 2011, while the pension overall returned 6.6%, Investment & Pensions Europe reports.
The hedge fund divestment comes as TNO reduces both its risk and active management. The pension said it had replaced its active equity mandates with passive ones to combat "decreasing performance and the relatively high costs of active management."
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…