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Alternative Market Briefing

Opalesque Roundup: CalPERS not the only pension to divest entire hedge fund program: hedge fund news, week 39
Monday, September 22, 2014

In the week ending 19 September, 2014 institutional investor CalPERS, the largest pension system in the U.S., announced it would divest its entire $4bn hedge fund program. Dutch pension PMT, the €55bn fund for metal workers, is also divesting all of its hedge fund portfolio. The pension says hedge funds are too expensive and is going into residential mortgages.

MSR Investments said Calpers was right to ditch hedge funds as fees can eat up to 50% of gross returns. Still, the appetite of institutional investors for alternative investment is only set to increase, according to an AsianInvestor forum. Other reports said the Kentucky Retirement Systems pledged to provide more detail on its alternative investments; a major New York State pension fund is “reviewing” its $5.6bn hedge fund portfolio following CalPERS decision; Rhode Island is also considering moves whether to divest from hedge funds or not; but Rhode Island Treasurer Gina Raimondo said she sees no reason to follow CalPERS lead; financial advisers said they are not rethinking their hedge fund portfolios after CalPERS pullout; a simila......................

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