Friday, 29 August 2014
Last updated 6 min 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.
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 ...