Saturday, 18 April 2015
Last updated 1 hour ago
Jul 31 2012 | 10:55am ET
The Texas Permanent School Fund took its first steps towards shifting from funds of hedge funds to strategic partnerships and saving itself tens of millions of dollars in fees.
The $24.4 billion endowment fired K2 Advisors on July 20, effective immediately. K2 had been on watch since last year, and in November the fund said it would move to reallocate its $2.5 billion hedge fund portfolio from funds of funds to strategic partnerships with some of the funds of funds it currently invests with.
K2 managed nearly $400 million for Texas Permanent; that money will be reallocated to Blackstone Alternative Asset Management and Grosvenor Capital Management, Pensions & Investment reports. Texas Permanent did not explain why K2 received the chop, although it was put on watch last January for underperforming its benchmark for three straight quarters.
More changes could still be coming to the Texas endowment. Its investment staff is currently negotiating with its remaining funds of funds, which also include GAM USA and Mesirow Advanced Strategies, to lower fees and to hammer out new contracts, none of which can exceed two years. Those changes are expected to be approved by the state's Board of Education in November.
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…