The $6.91 billion Lancashire County Pension Fund has terminated
its investment with Gottex Fund Management because of poor
performance over three years starting in 2008 (see graph).
Many managers hired three years ago as the markets turned
sour are finding themselves under the gun, prompting those in
the hedge fund space especially to question the three-year
return timeframe and the benchmarks used.
The issue of performance, benchmarks and reporting period
will be hotly debated at...