Key Takeaways
- • Institutional Investor's 17th annual Hedge Fund Industry Awards will announce winners at a June 27, 2019 gala in New York, with finalist institutions representing elite allocators tested by market conditions like those in 2018.
- • Public pension fund finalists include New Mexico's public employee pension (led by CIO Dominic Garcia), Wisconsin Investment Board, MassPRIM, Ontario Municipal Employees Retirement System, Illinois Teachers' fund, and Texas Teachers' Retirement System (TRS), demonstrating broad geographic representation among top-tier allocators.
- • Texas Teachers' leadership team (CIO Jerry Albright and deputy CIO Jase Auby) has revitalized the fund's hedge program since 2017 takeover with aggressive emerging-manager positioning, while UTIMCO—led by former TRS chief Britt Harris—competes in the Endowment of the Year category against the $45 billion University of Texas investment company.
- • Endowment category pits UTIMCO's $45 billion assets against smaller private institutions including Yale University (managed by David Swensen), Bowdoin College, and Villanova in a highly competitive field.
- • Outsourced Chief Investment Officer (OCIO) sector finalists have capitalized on strong inflows in recent years, with six finalist firms competing for Outsourced Investor of the Year honors in a category that has flourished unlike traditional hedge funds.
Summary
Institutional Investor's 17th annual Hedge Fund Industry Awards recognizes elite allocators and managers whose skill in manager selection and portfolio construction distinguished them during challenging market periods such as 2018. The awards ceremony will take place June 27, 2019 at a gala dinner in New York, where both allocator and manager category winners will be revealed.
The allocator finalists span major institutional categories. Large public pension plans dominate the finalist pool, including New Mexico's public employee pension fund, which achieved finalist status less than two years into CIO Dominic Garcia's tenure. Other major public plan finalists include the State of Wisconsin Investment Board, Massachusetts' MassPRIM, the Ontario Municipal Employees Retirement System, and state teachers' funds representing Illinois and Texas. This concentration reflects the institutional investor community's emphasis on public fund excellence in hedge fund allocation.
The Texas Teachers' Retirement System represents a notable case study in allocator performance. Under the leadership of CIO Jerry Albright and deputy CIO Jase Auby, who assumed control in 2017, TRS has aggressively repositioned its hedge fund program, including a major emerging-manager initiative. The finalists also reveal interesting competitive dynamics: UTIMCO, the $45 billion University of Texas investment company led by former TRS chief Britt Harris and several of his longtime deputies, is a finalist for Endowment of the Year. This category pits UTIMCO against smaller private institutions including Bowdoin College, Villanova, and Yale University's endowment, managed by legendary investor David Swensen.
The Outsourced Chief Investment Officer (OCIO) category reflects broader industry trends. Unlike the hedge fund sector, which faced headwinds, the OCIO space has flourished in recent years. Six finalist firms in this category have demonstrated particular skill in capitalizing on abundant inflows, indicating strong market demand for outsourced investment management services among institutional allocators.
The allocator finalists span major institutional categories. Large public pension plans dominate the finalist pool, including New Mexico's public employee pension fund, which achieved finalist status less than two years into CIO Dominic Garcia's tenure. Other major public plan finalists include the State of Wisconsin Investment Board, Massachusetts' MassPRIM, the Ontario Municipal Employees Retirement System, and state teachers' funds representing Illinois and Texas. This concentration reflects the institutional investor community's emphasis on public fund excellence in hedge fund allocation.
The Texas Teachers' Retirement System represents a notable case study in allocator performance. Under the leadership of CIO Jerry Albright and deputy CIO Jase Auby, who assumed control in 2017, TRS has aggressively repositioned its hedge fund program, including a major emerging-manager initiative. The finalists also reveal interesting competitive dynamics: UTIMCO, the $45 billion University of Texas investment company led by former TRS chief Britt Harris and several of his longtime deputies, is a finalist for Endowment of the Year. This category pits UTIMCO against smaller private institutions including Bowdoin College, Villanova, and Yale University's endowment, managed by legendary investor David Swensen.
The Outsourced Chief Investment Officer (OCIO) category reflects broader industry trends. Unlike the hedge fund sector, which faced headwinds, the OCIO space has flourished in recent years. Six finalist firms in this category have demonstrated particular skill in capitalizing on abundant inflows, indicating strong market demand for outsourced investment management services among institutional allocators.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.