All things considered, who is buying this stuff?
Intraday commentary here about the measures that JP Morgan is taking to insulate their Retirement Fund from the 'vagaries of the market.'
"J.P. Morgan Retirement plans to liquidate its entire $2.3 billion hedge fund portfolio, which accounts for about 18% of its $13 billion in assets. The bank's pension is able to make the risk-cutting move. It will also pull back from equities because it is that rarest of things: an overfunded pension system, with enough money to cover 117% of its obligations.Is the former head of MF Global still accepting qualified investors for his new hedge fund?
Eliminating hedge funds will "immunize" the pension from the vagaries of the market, a source told Hedge Fund Alert.
I don't know what it will be called, but I hear its theme song will be Nearer My God to Thee.