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Alternative Market Briefing

Many institutional allocators feel alternatives are best route to alpha - despite CalPERS
Thursday, November 20, 2014

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Benedicte Gravrand, Opalesque Geneva:

The news in September that the California Public Employees' Retirement System (CalPERS) had decided to let go of its hedge fund holdings (worth $4bn) created ripples through the asset management industry at large.

As CalPERS is an influential voice among the institutional investor community, many have reacted vehemently. Only recently, Paul Singer, CEO of Elliott Management, said, "the decision to abandon hedge funds altogether is off-base." Ian Hamilton, founder of IDS Group, commented, "pension Funds should not be sheep and follow CalPERS’ decision as the issues that CalPERS has with hedge fund investments are in many ways unique to CalPERS."

Since the "C" day (the CalPERS' decision day), there have been conflicting reports about what other pension funds are doing with their own alternative investment allocations: some say there is a divestment trend; some state the contrary. Recently, Deutsche Bank Prime Brokerage posited that CalPERS’s actions had "no bearing on most investors’ commitment to the industry." While a survey conducted by ......................

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