The trustees of the Tate Museum in the UK, chaired by Paul Myners, have redeemed from TriAlpha, after deciding to pull out of hedge funds.
The institution had roughly $10 million of its $44 million portfolio invested in hedge funds. These were redeemed at a loss of roughly $2 million.
The trustees' investment policy has been under review since autumn 2008, following the turmoil in financial markets. It was felt that the previous investment policy, which aimed to sustain fund growth at or above inflation, generating an annual real rate