Thursday, 21 August 2014
Last updated 9 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.
Aug 4 2014 | 7:42am ET
By now, U.S. and international subscribers have received their home or office delivery of the special 500th issue of Futures magazine. You can too!—a very special offer follows. The issue is the largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders. Read more…
The July/August 2014 issue is our largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders.
The Alpha Pages Editor's Note