The A$66 billion ($58.8 billion) Australian Future Fund has tapped its cash portfolio to increase its exposure to alternatives, with cash dropping from 46 to 15 per cent in the past year, including an estimated allocation of $3.7 billion to three hedge fund managers in the fourth quarter of last year.
Managing and founding principal of AQR Capital Management, Cliff Asness, responds to President Obama’s call to limit the size and power of America’s banks.
More first-time investors in hedge funds are allocating to the strategies directly, rather than choosing hedge fund-of-funds (hedge FoFs), as investment talent circulates among institutions and investors observe the passive approach that many hedge FoFs apply to their portfolios. Simon Ruddick, managing director of hedge fund consultancy Albourne Partners spoke with Simon Mumme about this trend and the challenges of investing directly.
The £27 billion ($44 billion) Universities Superannuation Scheme has made three new appointments and reorganised its equities team with a new dedicated global emerging markets capability, the first internal restructure under new chief investment officer Roger Gray.
The $70.5 billion Washington State Investment Board has prioritised hiring the best managers in public equities and is willing to sacrifice the number of active investment relationships in lieu of the managers it believes are “truly exceptional” as it enters 2010 with plans for global manager searches.
The $206 billion California Public Employees’ Retirement System (CalPERS) set its investment strategy roadmap for 2010 at a board offsite last week, as chief investment officer, Joe Dear, attributes strong gains in 2009 to a “sharpened investment focus”.