Chief investment officer of the US$81 billion Teacher Retirement System of Texas, Britt Harris, has offered to forego an estimated $167,935 in performance incentive pay for 2008. At the most recent board meeting, the TRS board accepted Harris’ offer and also voted to defer all remaining investment division performance pay until the fund experiences a year of positive returns. In 2008 the fund experienced a 27 per cent drop in market value.
US endowment slams consultants
The $4 billion Claremont University Consortium (CUC) has criticised the service small endowment funds in the US are receiving from their investment consultants, labelling the solutions as “cookie cutter, boilerplate answers”.
Reducing risk not risky asset classes: AP3
Sweden’s Third National Pension Fund, AP3, has rejigged its long-term strategic asset allocation and increased its exposure to alternatives. Kristen Paech talks to chief investment officer Erik Valtonen about the reasons behind the changes.
Full transparency of big hedge fund positions from now on: AIMA
The peak body for the global hedge fund industry, the Alternative Investment Management Association (AIMA) has backed a proposal mandating the full transparency and disclosure of ‘stematically significant’ positions and risk exposures held by hedge funds to their national regulators.
Markowitz has plan for gaining insights into complex instrument
At the age of 82, modern portfolio theorist, Harry Markowitz still has a lot to say about the state of play in investment management.
SWF investors in Citi to face dilemma if US govt ups its stake
Greater US government ownership of Citigroup could bring a dilemma to one of the troubled bank’s major stakeholders, the Government of Singapore Investment Corporation (GIC), according to US financial services consultancy Aite group.
