Wed, Sep 30, 2020
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

Funds of hedge funds manager Grosvenor Capital withdraws from Illinois State Universities Retirement System

Thursday, October 29, 2015

Komfie Manalo, Opalesque Asia:

Grosvenor Capital said it would stop accepting money from the $16.3bn Illinois State Universities Retirement System (SURS) and withdraw as a finalist to manage some $500m for the pension fund, reported Pensions & Investments.

GCM Grosvenor is one of the world’s largest independent alternative asset management firms. Founded in 1971, it employs a staff of 465 and has around $51bn of AuM, 93% of which institutional.

Grosvenor chairman and CEO Michael J. Sacks sent a letter to SURS CIO Daniel L. Allen to inform him of his decision, saying that his current social activism and political contributions might damage the reputation of the firm’s clients as well as his own firm.

"Sadly, recent media accounts and erroneous reports regarding or stemming from my civic engagement, and the increasing frequency of such reports, has led me to believe that the only option available to eliminate any semblance of conflict is to not pursue any new business with the state of Illinois at this time," Sacks said in his letter.

Allen replied saying SURS respected their decision.

While Grosvenor has backed out from SURS, it will still continue to manage at least $421.4m in funds of hedge funds allocations for the $46bn Illinois Teachers' Ret......................

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. Investing: Tech stocks aren't in a bubble, but investors should be pickier, Credit Suisse says, Pandora tops world's best-performing market as hedge funds exit, What Bill Ackman is investing in now[more]

    Tech stocks aren't in a bubble, but investors should be pickier, Credit Suisse says From Business Insider: Credit Suisse on Thursday trimmed its overweight rating for tech stocks, recommending investors be more selective with their sector picks. Crowding in tech giants and the stocks&#

  2. Investing: Third Point buys stakes in Facebook, Alibaba in Q2, exits Sony, Allergan, Here's what investors with $3.4tn are buying during covid, An energy trader seeks profit from batteries in European markets, Hedge fund ARCM to sell $200m of Premier Oil debt[more]

    Third Point buys stakes in Facebook, Alibaba in Q2, exits Sony, Allergan Third Point LLC acquired new stakes in Facebook Inc. and Chinese e-commerce companies Alibaba Group Holding Ltd. and JD.com Inc. during the second quarter of 2020 as it divested positions in Sony Corp. and drugmaker

  3. PE/VC: Investors have bet big that you can get private equity returns in the public markets. A new study says otherwise, Aberdeen's Bonaccord teams up with CAZ to buy stakes in private markets managers, The role of private equity in economic recovery from Covid-19[more]

    Investors have bet big that you can get private equity returns in the public markets. A new study says otherwise From Institutional Investor: New research suggests private-equity-owned firms respond differently to financial distress - and that the resulting performance "cannot be replicat

  4. Opalesque TV: Meet a Swiss fund manager who hedges with a difference[more]

    B. G., Opalesque Geneva: There is a quant manager in Zurich that does things a little differently, which has helped a lot so far this year. ICON Asset Management, which was mentioned in the

  5. Franklin Templeton creates new unit with QS Investors[more]

    Laxman Pai, Opalesque Asia: Franklin Templeton will combine recently acquired QS Investors, a Legg Mason subsidiary, with Franklin Templeton Multiasset Solutions (FTMAS) business into a single consolidated unit. Effective Oct. 1, the combined business, called Franklin Templeton Investment Sol