The $190bn manager of the University of California’s endowment and pension has divested from hedge funds as its chief investment officer lambasted the industry for failing to provide adequate risk protection.
UC Investments in a meeting on Tuesday approved a plan to reallocate its 10 per cent absolute return portfolio — or its investments in hedge funds — to public equities, finalising a wind-down that began five years ago.
Jagdeep Singh Bachher, chief investment officer of UC Investments, one of the largest institutional investors in the US, sharply criticised the industry in a recent meeting for not delivering for clients.
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