Institutional Investors

Massachusetts winds up portable alpha


The Massachusetts Pension Reserve Investment Management Board is weathering the latest challenge to its hedge fund portfolio following the termination of four managers as part of the disbanding of the portable alpha programme that contributed significantly to the 24% losses of the overall pension fund in 2008.

Trustees of the $40 billion retirement system are understood to have approved the termination of Blackstone ($200 million), EIM ($172 million), Crestline ($670 million) and Strategic Investment Group ($650 million). The $1.7 billion will be redistributed to existing portable alpha hedge fund manager Grosvenor Capital Management and