Sunday, 21 December 2014
Last updated 1 day 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.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.