Friday, 21 November 2014
Last updated 2 hours ago
Oct 16 2007 | 11:03am ET
Bear Stearns’ summertime blues were not limited to its subprime hedge funds. The $2 billion Seattle City Employees' Retirement System in August terminated its portable alpha mandate with the beleaguered firm over performance issues and management changes.
In its stead, the system has reallocated $60 million of Bear’s $80 million domestic equity mandate to a Russell 3000 index fund and another $10 million to its internal portable alpha test program, according to minutes from the system’s recent meeting.
The retirement board also recommended allocating the remaining $10 million to the Quellos Alpha Transport vehicle, which is a portable alpha strategy that uses a diversified fund of hedge funds with very low volatility and low correlation with the broader markets.
“The historical investment performance of this fund shows that more often than not, we hope to achieve alpha of at least 3%,” according to the board.
Nov 4 2014 | 9:45am ET
Data management is important to every business, but for hedge funds, it is critical. FINalternatives recently asked Peter Sanchez, CEO of Northern Trust Hedge Fund Services, how fund managers can deal with the demands of managing data while at the same time remain transparent and abide by operational best practices. Read more…
Reg NMS created a huge bifurcation in equity markets and while much of what has followed has been positive, in terms of lower fees and greater liquidity, many traders would like to see the market come...