Saturday, 28 November 2015
Last updated 21 hours ago
Jul 25 2013 | 9:57am ET
JPMorgan Chase is one of the biggest hedge fund managers in the world, managing billions for pension funds. But its own pension isn't sure the asset class is worth the risk anymore.
J.P. Morgan Retirement plans to liquidate its entire $2.3 billion hedge fund portfolio, which accounts for about 18% of its $13 billion in assets. The bank's pension is able to make the risk-cutting move—it will also pull back from equities—because it is that rarest of things: an overfunded pension system, with enough money to cover 117% of its obligations.
Eliminating hedge funds will "immunize" the pension from the vagaries of the market, a source told Hedge Fund Alert.
JPM Retirement's hedge fund portfolio includes about 30 managers. The pension's decision to eliminate them also calls into question the future of its hedge-fund management team, led by Renee Kelly.
Oct 21 2015 | 10:41am ET
One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…