Massachusetts state fund drops 4 hedge fund firms
Wednesday, October 14, 2009 : PermalinkReuters – Massachusetts will remove $1.6 billion from hedge fund managers Blackstone, Crestline, EIM Management, and Strategic Investment Group as it shifts its investment strategy after suffering recent heavy losses.
Trustees for the roughly $40 billion fund voted on Tuesday to pull out of four firms that used portable alpha, a once popular technique employed by pension funds to beat markets that underperformed during the financial crisis.
“This is a strategic shift and not a dissatisfaction with the individual managers,” said the pension fund’s chief investment officer, Stanley Mavromates.
More on this topic
(What's this?)
THE GURU OUTLOOK: HEDGE FUND MASTER JULIAN ROBERTSON
(THE PRAGMATIC CAPITALIST, 10/21/09)
Hedge Fund 2009 Performance Numbers
(market folly, 1/14/10)
PETER THIEL: THE RECOVERY IS ENTIRELY FAKE
(THE PRAGMATIC CAPITALIST, 9/29/09)
Hedge Fund Clarium Capital's August Commentary: Save Now, Invest Later
(market folly, 9/10/09)
Leave a Comment:
Related posts
Tags:
chief-investment-officer, financial crisis, hedge-fund-managers, investment strategy, investment-group