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UBS and Corbin Capital to split Massachusetts Water Authority mandate
5yrs ago Hedge Fund hfm.global Views: 293

The $529m Massachusetts Water Resources Authority (MWRA) has selected UBS and Corbin Capital Partners to share a FoHF mandate.

Board members made the selections from a group of four finalists – Grosvenor Capital and Magnitude Capital were the other two – at their meeting on 26 July. The authority received 22 responses to its April RFP for a FoHF manager or managers to replace EnTrustPermal.

The MWRA has a 5% target allocation to hedge funds. The actual allocation is closer to 3.6%, or about $19m. About $14m of that is managed by MassPrim in a hedge fund portfolio. The balance had been invested with EnTrustPermal in its Diversified Fund of Funds. Poor performance led the MWRA to submit a redemption notice and start a search for a new manager.

EnTrustPermal has been returning capital to the MWRA since. Carolyn Russo, executive director at the MWRA, said MassPrim was managing some of that money. EnTrustPermal is expected to return the last of the assets it managed by the end of the third quarter.

It is unclear how much the MWRA has set aside for UBS and Corbin.

Consultant NEPC assisted with the search.

UBS and Corbin Capital to split Massachusetts Water Authority mandate on HFM InvestHedge.


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