Wednesday, 27 May 2015
Last updated 4 hours ago
Jan 29 2013 | 9:40am ET
A British public pension fund has made its first-ever hedge fund investment.
Fund of hedge funds LGT Capital Partners won the Hertfordshire County Council mandate, which is worth £280 million. Only £70 million of that can be invested in hedge funds, with the rest placed with other alternative asset classes, Bloomberg News reports.
"We didn't feel the portfolio had moved to where it needed to be," David Lloyd, head of the council's pensions committee, told Bloomberg. "We were fairly dominated by equity risk, and we thought a better balance was required."
The "diversified alternative mandate" will be funded by a reduction in Hertfordshire's stock holdings. It accounts for 11% of the pension's assets.
Pfäffikon, Switzerland-based LGT called the allocation "one of the largest mandates focused exclusively on alternative investments ever awarded by a U.K. local authority pension fund."
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…