Tuesday, 1 December 2015
Last updated 1 hour ago
Oct 3 2012 | 10:59am ET
The Illinois State Board of Investment parted ways with Grosvenor Capital Management after the hedge fund refused to cut its fees enough.
Grosvenor had accepted a one basis-point cut, from 76 to 75. But that wasn't good enough for the $11.4 billion ISBI, which gave the $237 million Grosvenor managed in a long/short fund of hedge funds, to two firms who were willing to cut their fees, and then cut them again.
ISBI negotiated an 8 bps cut with EnTrust Capital Management, Mesirow Advanced Strategies and Rock Creek Group, to 70 bps. Then, Entrust and Rock Creek agreed to shave a further 3 bps to get Grosvenor's share.
Rock Creek now manages $400 million for ISBI, and EnTrust $385 million, Pensions & Investments reports.
Separately, ISBI decided to stick with the THL Credit fund for a bank-loan mandate. Former manager McDonnell Investment Management Alternative Credit Strategies recently sold the fund to THL.
Oct 21 2015 | 10:41am ET
One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…