Pennsylvania pension fund examines birds of two very different feathers
| Mar 10th, 2010 | Filed under: Institutional Investing, Today's Post | By: Alpha Male |
As this Reuters piece reminded everyone recently, hedge funds are “battling to offer more flexible fee structures.”
But as we recently learned, it’s not just hedge fund managers that are battling to be more flexible. It’s also traditional managers who see flexibility as a critical tool in their battle against the hedge fund newcomers that are now battling for business from large institutional investors.
On January 22, 2010, the investment board of the Pennsylvania Public School Employees’ Retirement System (PSERS) voted to accept staff proposals to invest in two hedge funds, one from Brevan Howard and one from Oppenheimer Capital (final terms and conditions of both are still pending). More…
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[...] Indeed, if you look at what PSERS and SERS spend know on administrative costs, you'll find how laughable this is. As our senior Rick Dreyfuss wrote me recently, "Next time someone tells you about the high administrative costs of DC plans – show them this article." [...]