A new day dawns in New Mexico
Thu Mar 3, 2011
Trustees of three plans find enchantment in a mix of hedge fund approaches post Madoff and placement agent scandals
By Susan Barreto
The three main investment funds in the state of New Mexico have
been tactical trailblazers in the area of hedge fund investing.
With a combined $3 billion set aside for hedge funds, the $12
billion New Mexico Public Employees' Retirement Association, $9
billion New Mexico Educational Retirement Board and the $15
billion New Mexico State Investment Council (SIC) have each
faced their own challenges but are now finalising their stakes
in a variety of absolute return strategies.
This year each fund is shifting its individual hedge fund
portfolios and implementing asset allocations formulated post
the 2008 financial crisis.
Perhaps the stumbling blocks that began 2008 and 2009 were
mainly political, in that trustees dealt with a private
placement agent scandal that rocked the state during the
administration of Governor Bill Richardson. Manager hiring
decisions came under federal scrutiny amid allegations that
politically connected business deals involving...
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