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Alternative Market Briefing

University of California to cut number of hedge fund portfolio to reduce costs

Tuesday, March 15, 2016

Komfie Manalo, Opalesque Asia:

The University of California (UC) endowment has announced it would reduce the number of its hedge fund portfolios in a bid to reduce costs. A number of hedge funds are managing at least $2bn of the university’s endowment.

The move by UC comes as the labor union AFSCME Local 3299 criticized the university’s hedge fund investments. UC spokesperson Kate Moser said that over the past couple of years, UC Chief Investment Officer Jagdeep Singh Bachher has been trying to reduce costs of the endowment’s investments, reported the Daily Cal.

"If you can bring your costs down even farther than they already are, then that’s just more money coming back to the university to reinvest," Moser was quoted as saying.

The university has been streamlining its investments over the last few years and has reduced the number of external managers in multiple asset classes, including stocks and bonds. UC now has less than 30 external managers and 25 hedge fund managers.

"Hedge funds play an important part in our investment mix because they reduce the overall volatility of the portfolio while also providing a source of returns," Moser added.

Last week, it was reported that UC’s endowme......................

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