03/02/2010
The $600m endowment is particularly interested in managers within the long/short equity arena, said Charles Peccolo, vice president and treasurer.
He revealed Conatus Capital, a long/short fund managed by David Stemerman, formerly of Lone Pine Capital; and Ivory Investment Management, another long/short manager based in Los Angeles, as just two of a number of funds currently being reviewed by the university.
According to the treasurer’s report for 2008, the endowment had around $110m in investments across 12 hedge funds. Alternative investments including private equity, real assets, natural
resources, and hedge funds “are designed to enhance diversification and provide reductions in overall portfolio volatility” for the university, the report stated.
The endowment was $718m at the time. At its peak in October 2007, Tennessee had $1bn in assets.
Increase text sizeWho’d be a hedge fund operational professional? In the good times they are anonymous; hidden by the shadows of over-achieving portfolio managers. In bad times they are often the last bastion between survival and destruction.
"It’s all too easy to attack ‘speculation’ because it is almost impossible to differentiate between speculation and trading in general"
With the UK trying to tame a record deficit, it would be a reckless Treasury that let tax pounds slip through its fingers. Yet this may well be the unintended consequence if current FSA proposals for bonus restrictions are applied to hedge funds.
We are all joined by an invisible economic thread; a skein that belies theories of financial decoupling. Yet, there is still room for nuance. Credit Suisse’s latest research reveals that global investors are not all opting for the same strategies. Currently, US investors have left their European and Asian peers behind, showing a high level of interest in emerging market strategies. And while equities continue to be universally popular, trading strategies top the list in Europe, while US investors are opting for market neutral, as they hope to side-step the fast-moving markets.
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