Thursday, 28 August 2014
Last updated 3 hours ago
Mar 22 2013 | 10:57am ET
Another major pension fund is set to slash its fund of hedge funds portfolio in favor of direct hedge fund investments.
The £18 billion Railway Pension Investments plans to hire about seven hedge funds this year to manage £450 million. The move will be funded by a reduction in its fund of funds program; Railpen will terminate one of its two fund of funds managers to cut its exposure to £800 million from £1.3 billion.
"We'll end up with roughly half of our hedge-fund assets in the fund of funds, and roughly half in direct hedge funds," Keith Shepherd, Railpen's chief investment officer, told Bloomberg News. Cutting back on funds of funds is expected to save the pension on fees.
Railpen began investing directly in hedge funds last year, hiring three managers to handle £350 million. To assist with the next round of hires, the pension has engaged with consultant Albourne Partners; in particular, it is looking at equity market-neutral and multi-strategy funds.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Commodities/Futures magazine launched at the precipice of a revolution in the futures industry—really a revolution in the idea of risk management—that would move it from a small niche industry to ...