Illinois SURS preps searches for first hedge funds, commodities managers (PIOnline)
Illinois State Universities Retirement System, Champaign, plans to issue RFPs in its first searches for hedge funds and commodities managers under a new asset allocation that includes a more than 25% reduction in U.S. equities, said Daniel L. Allen, chief investment officer. The SURS board, which oversees $16.9 billion in defined benefit assets, targeted a 5% allocation to hedge funds and 2% to commodities. The pension fund expects to issue its first RFP for the hedge fund allocation early next year, Mr. Allen said.
OCBC unfazed by hedge fund’s stakebuilding in Wing Hang Bank (SCMP)
Oversea-Chinese Banking Corp, which is buying Wing Hang Bank, achieved the “most important thing” by gaining control of more than 50 per cent of the Hong Kong lender, chief executive Samuel Tsien said. OCBC, as the Singapore lender is known, will forge ahead to garner more Wing Hang stock even as hedge fund Elliott Capital Advisors buys shares of the Hong Kong bank, Tsien said yesterday. “We know that they’re there, but in terms of would it distract us or change us from what we’re currently doing, it will not,” Tsien said. “We’ll just proceed according to the general offer document and if we cannot get 90 per cent, we’ll keep the company listed.”
Neuberger Berman real estate group hires former Standard Life Investments portfolio manager… Asia hedge funds makes gains of 1.69 per cent in June… (HedgeWeek)
Asian hedge funds returned an average of 1.69 per cent in June according to early estimates by index data provider Eurekahedge. That leaves the average Asian hedge fund up a modest 1.99 per cent for the year and a long way off achieving last year’s returns of +14.91 per cent. CTA funds were fairly flat in June, up 0.09 per cent to leave them down-1.82 per cent for the first half of 2014. Fixed income returned +0.93 per cent, long/short equities returned +1.73 per cent, whilst event-driven funds returned +3.65 per cent. Fixed income and event-driven funds have delivered a similar level of performance to investors, up 3.87 per cent and 3.73 per cent respectively on a year-to-date basis.
Rich Guys Sue To Keep Other Rich Guy From Ruining Their Nice, Quiet Little Beach Community (DealBreaker)
Hedge fund manager Louis Bacon and thespian Sean Connery, among others, want to know why the Bahamian government is letting “eccentric Canadian fashion mogul” Peter Nygard stick around and bother its citizens. More than 100 people, including actor Sean Connery and former U.S. Treasury Secretary Nicholas Brady, have filed a legal complaint against the Bahamian government over an effort by eccentric fashion mogul Peter Nygard to redevelop his Mayan-themed compound in the Lyford Cay community.
Marc Faber: Asset bubble to burst, U.S. economy not improving (PfHub)
Are asset prices in a bubble? If so, how much longer until that bubble bursts? According to Marc Faber, a legendary investor and editor of the Gloom, Boom & Doom Report, the bubble may already be in the process of blowing up. Speaking in an interview with CNBC on Tuesday, Faber, a well-known bear on the United States economy and stock market, said that asset prices are in “a colossal bubble” and that it will inevitably come to an end. The end of the asset prices bubble may already be occurring, even though stocks have continued to move upwards. For Faber, the very fact that stock prices have increased is the reason why he is so bearish, especially considering that there hasn’t been a correction in the S&P 500 of more than 11 percent. Although there may not be correction anytime soon, the U.S. could suffer from a bear market.
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Blue Harbour Group Trims Stake In CACI International Inc (CACI)
