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Putnam shuts $15 billion money market fund

Friday, September 19, 2008 : Permalink

Reuters – U.S. asset manager Putnam Investments said on Thursday that it had closed its $15 billion (8 billion pound) Prime Money Market Fund due to redemption pressures.

Putnam, a unit of Canada’s Great-West Lifeco, said in a statement that the board of trustees of its funds had voted to close the institutional money market fund as it faced "significant redemption pressure" on September 17.

"The trustees’ action was not related to the portfolio’s credit quality, but was instead a reaction to marketwide liquidity issues," the fund company said.

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New Gottex Fund Emulates University Endowments

Thursday, August 28, 2008 : Permalink

HedgeFund.Net – Swiss funds-of-funds firm Gottex Fund Management is launching a fund that will emulate the investment principles of U.S. “super endowments.”

The new fund will emulate the investment principles of successful U.S. university endowment funds, such as Harvard and Princeton. It will allocate about 65% to alternative investments. The alternative part of the portfolio will cut across all asset classes: hedge funds, private equity, commodities, long-only equity, fixed income, real estate and other real assets.

Harvard Management, long the model for university endowment funds currently with about $35 billion in assets, increased more than 20% year over year in 2007.

William Landes is helming the new fund. Landes joined Gottex from Boston-based 2100 Capital, his hedge fund specialty firm that Old Mutual Asset Management bought in 2005. Before that Landes was a money manager at Putnam Investments, which helped incubate 2100 Capital.

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Putnam shuts $15 billion money market fund

New Gottex Fund Emulates University Endowments

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