Fri, Dec 15, 2017
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

Arden Asset Management picks up $150m from Pennsylvania SERS amid local criticism of role of placement agents and hedge fund performance

Monday, January 28, 2013

Beverly Chandler, Opalesque London: Joseph N. DiStefano writing for philly.com has opened up a debate on the merits and expense of hedge fund placement agents or third party marketers as he revealed that the Pennsylvania State Employees Retirement System (SERS) announced it was giving Arden Asset Management $150m to invest.

DiStefano writes: "Back in 2006, SERS and its board, headed by ex-state Rep. Nicholas Maiale, gave more than $3bn to six private investment firms so they could use it to buy high-priced hedge fund investments, in hopes of fat profits.

The goal was to beat the sluggish stock and bond markets and ease the system's deficit, which had been growing since Gov. Tom Ridge boosted pensions in 2001 but failed to pay for the increase."

From 2006-12 New York firm, Arden Asset Management was given $20m to invest in hedge funds. DiStefano writes: "About 20 percent of that fee went to former Phillies pitcher Larry Christenson and his partners. Christenson is what investors call a "third-party marketer" or "placement agent," whose job is to help funds such as Arden get hired by clients such as Pennsylvania. Christenson rubs elbows with Pennsylvania movers and shakers. Last June, Christenson cosponsored a fund-raiser for NHS Human Services, a Philadelphia-based, multistate social service agency headed by ex-state Sen. Joseph Rocks, a longtime member of the SERS board that hires managers such as Arden. I ask......................

To view our full article Click here

Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing

 



  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Mediobanca acquires majority stakes in Swiss hedge fund[more]

    Komfie Manalo, Opalesque Asia: Listed diversified banking group Mediobanca SpA said it has acquired a majority stake in Geneva-based hedge fund firm RAM Active Investments SA (RAM AI), an active and alternative asset manager offering a range of act

  2. Launches - Ex-BlueCrest team to open over $200m hedge fund, Greg Coffey, a hedge fund star who retired at 41, is eyeing a comeback, Brevan Howard plans Greek funds as bond rally signals revival[more]

    Ex-BlueCrest team to open over $200m hedge fund From Bloomberg.com: A team of traders who left BlueCrest Capital Management earlier this year raised more than $200 million for their own hedge fund focused on Asian stocks, according to a person familiar with the matter. Ovata Capital Manag

  3. North America - Miami could attract hedge funds if SALT deductions axed[more]

    From Law360.com: For years, inertia has been Nitin Motwani's greatest foe in his attempts to lure hedge fund owners in the northeast to Miami, which he has pitched as a tropical low-tax paradise. But with the Republican tax bill proposing to eliminate deductions for state and local taxes, he's sensi

  4. Northleaf Capital Partners closes debut private credit fund on $670M[more]

    Bailey McCann, Opalesque New York: Northleaf Capital Partners has closed its debut private credit fund - Northleaf Private Credit I - on $670 million. The vehicle will invest in private credit transactions in Europe and North America, with a primary focus on lending to private equity-backed compa

  5. ...And Finally - The ongoing gun saga in the U.S.[more]

    From Newsoftheweird.com: As elder members of the First United Methodist Church in Tellico Plains, Tennessee, gathered on Nov. 16 to discuss the recent church shooting in Sutherland Springs, Texas, one of those present asked if anyone had brought a gun to church. One man spoke up and said he c