Monday, 27 April 2015
Last updated 1 hour ago
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.
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…