Milwaukee’s Selects 3 Hedge Fund-of-Funds Finalists

Corbin Capital Partners, Lighthouse Investment Partners and UBS Alternative and Quantitative Investments, were selected by Milwaukee Employes’ Retirement System as finalists in a search for a hedge fund-of-funds manager to run $100 million.

The allocation would be CMERS’ first to hedge funds. The pension fund’s investment committee plans to meet Thursday to interview representatives of the three firms and expects to make a hiring decision. CMERS plans to hire one manager.

Callan Associates, the pension fund’s investment consultant, is assisting with the search. Funding will come from domestic equities. CMERS hasn’t yet identified specific managers. The pension fund is making the move for diversification.

Source: Pensions & Investments

 

Tags: Hedge Fund of Funds Business, Hedge Fund, Hedge Funds, Fund of Hedge Funds, Hedge Fund of Funds, Hedge Fund industry, Hedge Fund Group, Hedge Fund Market, Hedge Fund Investments, Hedge Fund Advisory Firm, Hedge Fund Returns, Corbin Capital Partners, Lighthouse Investment Partners, UBS Alternative and Quantitative Investments, Milwaukee, Milwaukee Employes’ Retirement System, CMERS, Callan Associates.


Milwaukee Bucks Acquired by Hedge Fund Managers for $550M

The National Basketball Association’s Milwaukee Bucks has been acquired by Hedge fund managers Marc Lasry and Wesley Edens, in a deal worth at $500 million from businessman and former U.S. Senator Herb Kohl.

“I believe they are the right people and the right fit at the right time,” Kohl said at a news conference in Milwaukee announcing the purchase as Lasry and Edens grinned nearby.

The Bucks, valued by Forbes at $405 million and ranked as the last team in the 30-member league, have been on the block since late last year, Kohl said. He said Lasry and Edens, who are lifelong basketball fans, won the bid in part because of their commitment to keep the team in Wisconsin.

Lasry runs Avenue Capital together with his sister, Sonia Gardner, and Edens co-founded Fortress Investment Group.

Source: KGMI

 

Tags: Hedge Fund of Funds Business, Hedge Fund, Hedge Funds, Fund of Hedge Funds, Hedge Fund of Funds, Hedge Fund industry, Hedge Fund Group, Hedge Fund Market, Hedge Fund Investments, Hedge Fund Advisory Firm, Hedge Fund Returns, The National Basketball Association, Milwaukee Bucks, Marc Lasry, Wesley Edens, US Senator, Herb Kohl, Milwaukee, Forbes, Basketball, Wisconsin, Avenue Capital, Sonia Gardner, Fortress Investment Group.


Northwestern Mutual Planning Negotiation of Russell Investments

An American financial services mutual organization based in Milwaukee, Wisconsin, Northwestern Mutual Life Insurance is planning a possible auction of its Russell Investments asset management business, four people told Reuters.

The Milwaukee-based insurer is discussing selling the Russell subsidiary because it has decided it is not a core part of its business, the people said on Tuesday.

All of the sources wished to remain anonymous because they are not permitted to speak to the media.

A Northwestern Mutual spokeswoman declined to comment.

Seattle-based Russell provides pension consulting, investment management, transition management services and indexes such as the Russell 1000 Global Index.

If the firm decides to go ahead with a sale, it is unclear if the business would be sold in its entirety or broken up, two of the sources said.

It could not be determined how much Northwestern would receive if it decides to sell the firm. Northwestern bought Russell, which was then called Frank Russell Company, in 1999 for $1.2 billion.

Source: Reuters

 

Tags: Hedge Fund of Funds Business, Hedge Fund, Hedge Funds, Fund of Hedge Funds, Hedge Fund of Funds, Hedge Fund industry, Hedge Fund Group, Hedge Fund Market, Hedge Fund Investments, Hedge Fund Advisory Firm, Hedge Fund Returns, Mutual Organization, Milwaukee, Wisconsin, Northwestern Mutual Life Insurance, Northwestern Mutual, Russell Investments, Seattle, Russell 1000 Global Index, Frank Russell Company.


US Bancorp Takes Over Ireland’s Hedge Fund Administrator Quintillion

U.S. Bancorp arm U.S. Bancorp Fund Services, LLC has agreed to acquire domiciled full-service hedge fund administrator based in Dublin’s IFSC Quintillion Limited.

“This acquisition continues to showcase the long-term commitment of U.S. Bancorp to grow our securities services business,” said Terrance Dolan, vice chairman of U.S. Bancorp Wealth Management & Securities Services. “This enables us to enhance our European presence through additional talented resources, and complements our focus on the expansion and diversification of our alternative investment business.”

The transaction adds $18 billion in hedge fund assets under administration and 53 Dublin-based employees to U.S. Bancorp Fund Services existing alternative investment business. U.S. Bancorp Fund Services will now have more than 1,100 associates with operational offices in Milwaukee, New Jersey, Cayman Islands, London and Dublin. The combined businesses will support $832 billion in assets under administration for more than 2,900 funds, including $84 billion of alternative investment assets for investment managers.

Source: Wall Street Journal

 

Tags: Hedge Fund of Funds Business, Hedge Fund, Hedge Funds, Fund of Hedge Funds, Hedge Fund of Funds, Hedge Fund industry, Hedge Fund Group, Hedge Fund Market, Hedge Fund Investments, Hedge Fund Advisory Firm, Hedge Fund Returns, Hedge Fund Administrator, Dublin Hedge Fund, Ireland Hedge Fund, IFSC Quintillion Limited, U.S. Bancorp, U.S. Bancorp Fund Services, LLC, Terrance Dolan, U.S. Bancorp Wealth Management & Securities Services, Milwaukee, New Jersey, Cayman Islands, London, Dublin.


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