Monday, 29 December 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.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.