Tuesday, 31 March 2015
Last updated 13 hours ago
Dec 16 2013 | 10:38am ET
Another pension fund is turning away from funds of hedge funds.
The Invensys Pension Scheme has terminated BlackRock from a £200 million mandate, it said in its annual report. While BlackRock's performance was certainly an issue—the fund of funds underperformed its target over the last three years, with an annualized return of just 4.1%—the pension seems to have soured on funds of funds generally.
Invensys Pension will not put the £200 million into another fund of funds. Instead, it will "re-allocate the bulk of the proceeds towards credit investment mandates." The big beneficiaries of that move include GLG Partners, an existing credit manager for the pension.
BlackRock continues to hold a multi-strategy fixed-income hedge fund mandate from Invensys.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
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…