Welcome to the weekend, everybody. Heres the latest news for your reading enjoyment:
- Unexpected Insight: A new research report shows that hedge fund managers that have, in the past, worked directly for a pension fund will end up earning twice the alpha of the average hedge fund manager. In other words, pension fund employees turn out to be awesome investors. So, to all the aspiring investors out there: Go work for a pension!
- Hiring: Speaking of which, you too can run one of the biggest, most politically complex investment organizations on earth: apply now!
- Brexit Buys I: If Britain does exit the EU, rumor has it that France will aggressively go after after Londons financial services industry and seek to bolster La Defence as a global financial hub. Such an outcome would make ADIAs brand new 38 story building in the heart of La Defense all the more valuable.
- Brexit Buys II: OTPP, OMERS, AIMCo and the Kuwait Investment Authority are trying to buy London City Airport with an offer of about £2 billion. Are they negotiating a discount due to the political uncertainty? They should be.
- Co-Investment: Nigerias NSIA has attracted four global SWFs to its new real estate co-investment vehicle. Kudos, Uche.
- Fees I: MassPRIM clearly understands private equity better than most other LPs: The most sure-fire way to enhance returns is to reduce fees. Yes. More specifically, its actually the only source of risk-free return in the business; that is, maintaining an exposure at lower cost.
- Fees II: Research shows that smart and strategic beta ETFs are little more than an excuse to charge stupidly high fees with no rationale or justification.
- Fees III: Whatever you do with your real estate investments, do not amortize your fees. Its apparently very dumb.
- Dang: There is yet another major shakeup at the Korea Investment Corporation? That fund has been a revolving door for the past 5 years.
Have a great weekend!