Institutional Investors

Utah drives the alignment of investor and manager interests

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A new era begins with new ground rules on hedge fund fees, structures and transparency

A new era begins with new ground rules on hedge fund fees, structures and transparency

By Susan Barreto

It has been more than a year since the Utah Retirement System fired a shot that is still reverberating around the world. The pension fund, which declined to participate in this interview, has succeeded, however, to score the ultimate goal: the alignment of interests between investors and managers.

Changing the rules of engagement is never easy and, for Utah Retirement System's Larry Powell, his straight-forward proposals could have been an easy deal breaker for