Tuesday, 21 October 2014
Last updated 41 min 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.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
Most traders agree that proper risk management is the key to successful trading. However, many traders depend on the deeply flawed measure of standard deviation as a benchmark of risk. Here we put it ...