The US-based Hedge Fund Association, which last year opened a UK chapter in competition with the established Alternative Investment Management Association, has now started a Cayman Islands offshoot. HFA announced this week that the new chapter was a response to demand from Cayman-based hedge fund participants and reflected the importance of the zone as a hub for offshore hedge funds.
Corporate governance program victim of new allocation model at CalPERS
CalPERS’ outperforming internal corporate governance investments program will be challenged by the fund’s new capital allocation model, according to a review of the program by consultant Wilshire.
North Carolina to consider DC option
The trustees of the $65 billion North Carolina Retirement Systems will vote on whether to introduce a defined contribution plan when the board meets on Jannuary 20, one of the significant recommendations by the Future of Retirement Study Commission.
As hedge funds recover lost ground, the big are getting bigger
The hedge fund industry has taken a well-publicised caning over the past few years but, as the dust starts to settle on the global financial crisis, some interesting and probably long-lasting trends are emerging. Principle among these is a massive increase in concentration of mandates among the larger hedge funds.
Investor behaviour erodes performance
Performance is eroded by institutional investors’ decisions around hiring and firing managers according to the preliminary results of a behavioural study by Boston University that links qualitative factors such as committee characteristics with earlier empirical research on performance.
Investors win with new hedge fund fee model
Hermes BPK, the hedge fund-of-funds (HFoF) provider majority-owned by Hermes Fund Managers (which itself is fully-owned by the UK’s largest pension fund, the BT Pension Scheme), has completed work on an innovative performance fee model which will allow investors to clawback any unearned performance fees.
