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Texas Permanent School Fund Drops Two More Managers

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The Texas Permanent School Fund (TPSF) has dropped two more managers to save on hedge fund fees and streamline relationships. The TPSF dropped GAM Holdings AG and Mesirow Financial Inc. Holland Timmins, the chief investment officer of the TPSF, pushed for the modification as 10% of TPSF assets are invested in hedge funds, yet they derive 44% of investment expenses. Mr. Timmins distributed documents to trust board members stating that hedge fund fees cost TPSF about US$ 82.7 million since 2008. Mr Timmins has preferred to allocate in-house management of hedge fund managers over time.

From September 30, 2012 documents showed that GAM and Mesirow Financial managed US$ 666 million in assets. Money from these managers is to be allocated between Blackstone Alternative Asset Management and Grosvenor Capital Management. In July 2012, TPSF terminated K2 Advisors LLC from Stamford, CT from managing US$ 405 million.

PGGM Executed its Inaugural Cleared Securities Lending Trade

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Service providers are keen on getting more beneficial owners to participate in the cleared securities lending market. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Altitude Infrastructure Gets Financing on Haute-Garonne Network Project

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Altitude Infrastructure SAS inked a 25-year concession agreement and closed a debt financing package for the deployment and maintenance of an ultra-high-speed broadband network in Haute-Garonne. Haute-Garonne is a department in the south of France.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Guggenheim Partners Agrees to Acquire Millstein & Co.

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On July 11, 2018, Guggenheim Partners inked a deal to acquire New York-based Millstein & Co., L.P., an advisory firm formed by Jim Millstein. Millstein will become co-Chairman of Guggenheim’s securities business. Millstein & Co. will become part of Guggenheim Securities, the investment banking division of the company. Ronen Bojmel will lead the combined Guggenheim restructuring team.

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