Wednesday, 27 August 2014
Last updated 2 hours ago
Feb 17 2009 | 1:26am ET
Last week, one pension fund fired fund of hedge funds shop Austin Capital Management. Now, another is suing it.
One of the Austin, Texas-based firm’s underlying managers was Rye Investment Management. Rye’s parent, Tremont Group Holdings, announced earlier this year that Rye would close after losing essentially all of its assets under management in the Bernard Madoff scandal.
The Pension Fund for Hospital and Health Care Employees-Philadelphia and Vicinity says it lost $700,000 of its $10 million investment with Austin. In the lawsuit, which seeks class-action status, it says Austin “failed to prudently invest the benefit funds’ assets.”
The lawsuit was filed in Philadelphia federal court on Thursday by the law firm of Spector Roseman Kodroff & Willis.
Last week, the Massachusetts Pension Reserves Investment Management Board fired Austin, just four months after hiring the firm. According to MassPRIM, Austin failed to live up to its pledge to visit its underlying managers annually; the pension said it hadn’t visited Bernard L. Madoff Investment Securities since 2005.
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…
Commodities/Futures magazine launched at the precipice of a revolution in the futures industry—really a revolution in the idea of risk management—that would move it from a small niche industry to ...