Tue, Jun 27, 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. FinTech - AI hedge fund Numerai now live on Ethereum, Cryptocurrency hedge funds generate huge returns as bitcoin surges[more]

    AI hedge fund Numerai now live on Ethereum From Cryptoninjas.net: Back in February, Numerai announced numeraire (NMR), a cryptographic token to incentivize a new kind of hedge fund built by a network of data scientists. Earlier today, the Numeraire smart contract was officially deployed

  2. Investing - Advisors slash hedge fund positions, Theravance Biopharma is a top pick of investment guru Seth Klarman, As asset management industry grows a search for new revenue streams[more]

    Advisors slash hedge fund positions From Barrons.com: Financial advisors have cut wealthy clients' exposure to hedge funds by up to one third over the past 12 months, The Financial Times reports. Advisor firms in the FT's annual top-300 ranking have reduced their hedge fund allocation to

  3. Investing - U.S. hedge fund in anonymous bet against Tesco shares, Hedge funds made repeated attempts to invest in Veneto banks, Steve Cohen's Point72 takes stake in struggling electronics retailer Conn's, Hedge fund Excalibur bets Riksbank will tighten by end of year[more]

    U.S. hedge fund in anonymous bet against Tesco shares From FT.com: A $20bn New York hedge fund is using an offshore shell company to anonymously bet against the shares of the UK supermarket Tesco, raising fresh questions over the efficacy of European short selling disclosure rules.

  4. Barclay Hedge Fund index gains 0.50% in May, 4.13% YTD[more]

    Hedge funds gained 0.50% in May according to the Barclay Hedge Fund Index compiled by BarclayHedge. The Index is up 4.13% in 2017. The Barclay Hedge Fund Index has now been profitable for seven months in a row, with a cumulative gain of 6.10%. The Barclay Technology Index has gained 12.27% in the fi

  5. ...And Finally - Nighttime barbecue festival in downtown Memphis![more]

    From Newsoftheweird.com: On May 19, Carl Webb and his wife left a nighttime barbecue festival in downtown Memphis and headed home. They drove 14 miles on an interstate highway before a police officer pulled them over to ask if Webb knew there was a body on his trunk. The man was clinging to the lip