Texas Permanent Set To Part Ways With GAM, Mesirow

Nov 15 2012 | 12:29pm ET

The Texas Permanent School Fund's effort to cut back on its funds of hedge funds is nearing completion.

The $25.9 billion endowment is poised to fire two of its remaining four funds of funds, GAM USA and Mesirow Advanced Strategies, shifting all of its fund of funds portfolio to Blackstone Alternative Asset Management and Grosvenor Capital Management. Those firms benefited earlier this year from the fund's termination of K2 Advisors and would split the roughly $660 million currently managed by Mesirow and GAM, Pensions & Investments reports.

The termination of GAM and Mesirow still needs to be finalized by the State Board of Education.

The two funds of funds would already be out on the street but for a clerical error: The fund's finance committee recommended firing the two in April, but failed to post proper notice in time for a vote by the Board of Education.

In Depth

Financial Industry Blockchain Consortium R3 To Open-Source Platform Code

Oct 20 2016 | 9:03pm ET

Bitcoin's blockchain technology has spawned a flurry of activity among fintech startups...


Hedge Funds Swarm Into Palm Beach

Oct 27 2016 | 2:32pm ET

As the first flakes of snow fall on New York's northern suburbs, Dan Weil of South...

Guest Contributor

Hedge Fund Marketing – Tips for Your Initial Sales Meeting

Sep 29 2016 | 5:46pm ET

There are two main goals a hedge fund should have for an initial in-person sales...