Wednesday, 25 November 2015
Last updated 1 hour 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.
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…