A new day dawns in New Mexico

Thu Mar 3, 2011

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Trustees of three plans find enchantment in a mix of hedge fund approaches post Madoff and placement agent scandals

By Susan Barreto

Joelle Mevi

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...

ISSN: 2151-1845 / CDC10004H

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