Comment: Chris Sullivan
The hedge fund industry has always had a bit of a schizophrenic relationship with the media, particularly here in the US
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Marin County pension drops market neutral
The board of the $1.21bn Marin County Employees’ Retirement Association (MCERA) has voted to terminate its portable alpha / market neutral programme.
MCERA’s investment committee cited “poor performance”, “relatively high fees” and “the complexities associated with the programmes” as some of the drivers behind the decision, meeting minutes reveal.
The trustees also noted that “investment returns from the market neutral group [were] not high enough to justify the added risk and volatility”. According to the Callan Associates, the retirement association’s investment consultant, the programme “return the same as cash over time, as well as the S&P500”.
The board previously allocated $125m to five market neutral managers – Analytic Investors, Numeric Investors, Pyramis Global Investors, First Quadrant and Analytic Investors – before redeeming from the latter two and reducing the portfolio to $75m, as reported by HFMWeek in September.
The proceeds from the termination of the programme will be invested into the State Street Global Advisors S&P500 Index, in order to “provide for downside risk”.
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