The Ledger
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Three days of managed account transparency beats three years in a fund
“Derek and I have joked before, you learn more about a manager on three days on Dockside than three years if you invested in a fund. You understand what they do, what their portfolio looks like, how it evolves.”
Multi-strategy SMAs let institutional allocators borrow at Fed funds plus 20bps
“The real unlock when you think of an overall plan like UTIMCO or SWIB, you're implicitly borrowing money at Fed funds plus like 20 basis points.”
Capacity constraints prevent UTIMCO from expanding allocations to major multi-managers
“We can't grow much more with these multi-managers, A, because they're closed, B, because their liquidity terms are a three-year or five-year slow pay.”
UTIMCO prefers probabilistic 'fox' portfolio managers over overconfident storytellers
“Overconfidence. People who think they can predict the unpredictable. If you've read any books by Nate Silver or Philip Teplot, they call it the hedgehogs. The great storytellers, not the ones who actually assign probabilities and understand that there's uncert…”
Combining low-correlation 0.9 Sharpe managers yields a 2.5 portfolio Sharpe
“Across a number of lowish sharps, you get a good net final sharp. The overall portfolio sharp can grow from any single PM is .nine, but the overall portfolio is two and a half plus.”
UTIMCO targets 20 to 30 portfolio managers for its managed accounts
“For the manage account platform, we're not looking for 350 PMs. We're looking for 20 to 30. We're going to do a lot of work on them.”
UTIMCO's average hedge fund relationship lasts more than ten years
“Our average hedge fund relationship is 10 plus years.”
UTIMCO's zero-beta hedge fund portfolio is roughly $11 billion
“I manage the zero beta hedge fund portfolio. It's roughly eleven billion in size.”
UTIMCO has roughly $7 billion allocated through the Dockside platform
“It's currently around seven billion of GMV.”
UTIMCO manages $88 billion for 22 institutions
“It's an eighty-eight billion dollar endowment. Manages money for 22 academic and health institutions.”
Fink: SWIB and UTIMCO co-anchored multi-pod SMA platform spinout
“Another thing that we've done is we partnered with one of our multi pad hedge funds. They basically spun out their technology and created a separately managed account platform. So us and UTIMCO together basically anchored this new manager, and as a result of t…”