South Carolina to go it alone
28 September 2010 South Carolina
Image: Shutterstock
The South Carolina Pension Fund is to create a management firm to look after its assets, in a move that could see it offering its own securities lending services.
The management firm will initially control the fund's illiquid assets, including the private equity and real estate portfolios, and is due to launch at the start of October.
The USD15 million start up has been created, said Allen Gillespie, commission chairman, to reduce costs and "mitigate certain risks associated with illiquid asset classes." Gillespie estimates the enterprise could save the fund 25 per cent on private equity costs through reduced fees.
The management firm will initially control the fund's illiquid assets, including the private equity and real estate portfolios, and is due to launch at the start of October.
The USD15 million start up has been created, said Allen Gillespie, commission chairman, to reduce costs and "mitigate certain risks associated with illiquid asset classes." Gillespie estimates the enterprise could save the fund 25 per cent on private equity costs through reduced fees.
NO FEE, NO RISK
100% ON RETURNS If you invest in only one securities finance news source this year, make sure it is your free subscription to Securities Finance Times
100% ON RETURNS If you invest in only one securities finance news source this year, make sure it is your free subscription to Securities Finance Times
