Does loyalty lie with the lawyer or the law firm?
Big changes were afoot in the London hedge fund legal scene last week, after New York-based Akim Gump swooped on Simmons & Simmons
04/03/2010
Plymouth issues global asset RFP
The Town of Plymouth Retirement Board, which manages around $98.4m in assets, has issued a request for proposal (RFP) for a number of global asset allocation investment management services.
The board for the Massachusetts-based pension is thinking of allocating $10m to the proposed mandate.
According to the RFP, in order to be considered, firms must have a minimum of $500m in AuM, $250m in the proposed global asset allocation strategy, and a minimum of five years’ performance history in the strategy.
The Public Employee Retirement Administration Commission (Perac) in Massachusetts has strict guidelines on what public funds in Massachusetts with assets in excess of $150m can invest in. They are allowed to invest up to 7.5% in funds of hedge funds (FoHFs) strategies once Perac’s permission is obtained.
The pension is currently unable to invest in hedge funds due to its size, however, in 2007, the Town issued an RFP for a 130/30 strategy, also for a $10m mandate.
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Editor's view: 8 February 2012
Speculative moves, a perceived landgrab and a potential bidding war in the hedge fund sector have all opened up in recent weeks
Comment: Julian Korek
"Advisers need to be analysing key considerations and determining where they fall in the spectrum of SEC registration; no easy task given the scope of the legislation"
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