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Nobel Foundation Turns To Hedge Funds

New York (HedgeCo.Net) – The Nobel Foundation has plans to invest money through hedge funds to boost returns and restore awards to their previous size, which had been cut by 20 percent this year (the first cut since 1949), Bloomberg reports.

“When we look at the analysis we see that we can get more return with less risks by doing that,” Executive Director Lars Heikensten said in an interview with Bloomberg. “If we can choose hedge funds that we trust, then we can get better returns for given risks.”

“It was a difficult decision to take, since Nobel when he wrote his will made clear he wanted his money to be used for prizes,” said Heikensten, a former governor of the Swedish central bank. “We live in difficult times and had not been as successful as one would have wanted in the last 10 years,” Heikensten said. The foundation “had in fact been spending more every year on average than” it had been earning, “and we had to do something,” he said.

In his will Alfred Nobel stipulated that most of his estate, more than 31 million kronor ($5 million) should be invested in “safe securities.”

Alex Akesson
Editor for HedgeCo.net
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