Wednesday, 17 September 2014
Last updated 1 hour 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 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
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