The UK Crown Estate, which as the name suggests manages the assets and estate of the Crown, has entered into the second joint venture with an institutional investor in as many months. Norges Bank, which manages the 2,908 billion kroner ($498 billion) Norwegian Government Pension Fund Global, has purchased a 150-year lease on a 25 per cent stake in the Estate’s Regent Street properties. This follows a deal in December with the Healthcare of Ontario Pension Plan.
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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. (more…)
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.
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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.
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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.
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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.
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