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MassPRIM to move some of $5.6bn hedge fund portfolios into managed accounts

Thursday, June 19, 2014

Komfie Manalo, Opalesque Asia:

The $59bn Massachusetts Pension Reserves Investment Management Board (MassPRIM) wants to move some of its $5.6bn hedge funds portfolios into separately managed accounts as it also studies its option whether to invest in other strategies that mimic hedge fund returns at a lower cost.

MassPRIM currently allocates at least 9.5% or $5.6bn of its $59bn assets into some of the biggest hedge funds, including Larry Robbins, William Ackman, Paul Singer, Daniel Och and Andreas Halvorsen.

However, MassPRIM has been pulling back some of its hedge funds allocations, joining a growing trend amongst institutional investors, said Reuters. In December 2012, the pension terminated BlackRock from a nearly $1.1bn active core domestic fixed-income portfolio.

Michael Trotsky, a former hedge fund manager and is currently executive director at MassPRIM said, "That's the next frontier and we might be at the forefront of it. It will give us full transparency and the ability to better control the assets."

Trotsky explained the pension is looking at allocating to hedge fund replication strategies that mimic their returns but charge less fees. Hedge funds traditionally charge 2% management f......................

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