Montana To Explore Hedge Funds Via RFP

Jun 18 2008 | 2:00am ET

The $12.3 billion Montana Board of Investments is issuing a request for proposals for fund of hedge funds managers. Sort of.

The system’s executive director, Carroll South, and chief investment officer, Clifford Sheets, both recommend that the board authorize its staff to issue an RFP “without making any commitment to fund the managers, unless the board approves an allocation,” according to an internal memo.

The RFP will serve to enlighten the staff on hedge fund strategies and historical performance versus other asset classes, as well as help the staff in making a recommendation to its board on whether or not to enter into the asset class at its August meeting.

The RFP will also serve to stem the wave of solicitations from hedge fund managers who anticipate the board’s first foray into the asset class, according to the memo.

In February, funds of hedge funds Grosvenor Capital Management and Blackrock Alternative Advisors gave a presentation to the board, drawing praise for the asset class from a few board members and prompting others to call for a cautious, deliberate approach.

In Depth

The Importance of Stability in the Evolving Hedge Fund Administration Market

Oct 5 2015 | 8:17pm ET

Hedge fund administration has evolved from simple record keeping to an integral,...


Citadel Supports Manhattan Real Estate With Record Deal

Sep 16 2015 | 3:04pm ET

Never count hedge funds out of a big property deal. The Manhattan real estate market...

Guest Contributor

Hedge Fund Marketing To Independent RIA Firms

Sep 30 2015 | 1:56pm ET

In this contributed article, Bruce Frumerman of Frumerman & Nemeth Inc. explains...


Editor's Note