A spotlight on hedge funds
A roundup of recent institutional investors' hedge fund activity.
Nest favours institutional-first managers as retail exodus pressures private credit
Nest, the largest workplace pension in the UK, says that private credit managers who prioritise institutional clients will be more favourably viewed. The £61 billion ($82 billion) fund has awarded a £450 million ($605 million) US direct lending mandate to Crescent Capital this month, citing the manager's institutional-client-first approach as a key attraction.
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Fees kill alpha from hedge funds
Many hedge fund portfolios perform well before costs but fall into negative alpha after charges are levied, Canadian firm CEM Benchmarking's analysis of nearly 400 large investors has found.
MSCI will be patient with A-Shares
Reports are that the inclusion of 226 Chinese large caps in the Emerging Markets Index has gone well. Small-cap and mid-cap shares could follow if concerns about suspensions prove unfounded.
OPTrust ready to jump on bonds
Staying fully funded is priority for the C$20 billion OPTrust, reflected in everything from the name of its annual report to its scaling down of equities, to manoeuvring for high-yield debt.
FSBA pounces on high valuations
The $204 billion Florida State Board of Administration has decided today's market is overpriced and is unloading private equity and real estate to re-deploy capital for higher long-term yields.
Thirst for data serves Mass PRIM
The $71.9 billion Mass PRIM pores over the numbers to be sure it pays active managers only for skill. That's just one way it uses intense analysis to deliver.
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