That direction im prepared today to vote in favor of hedge funds i am i said that by the majority of the folks in this room its apple unimportant position hedge funds have been used 41 by constitutional investors for over 20 years and one of the things it is attractive of that is that we able to move quickly in and out of this particular investment also known as to other holders we have there are seasoned voices on this body i respect and listen to as i continue to learn but in the he said the reason why im going to be cast my vote i do believe that ive heard enough evidence to convince me we need to protect the pension from an unvegetable down mark our strategies may be anybody difference if i had and flexible and the hedge fund are one as one vehicle to invest our assets in also well, im stop there tuff. Commissioner stansbury. Can everybody in the audience hear me okay. Great to members of the public that are here today thank you for coming weve hired our concerns about a year ago w
Portfolios of company is in essence the way i interpret that youre not going to get the holdings or the contributions buy the risk holders so number one you can talk about the risk agree gate if you members of the public know whats going on. Risk aggregation in fact to the exposure are two things the risk ago gator theyll take the holdings of the managers and put them together and show you what youre holdings are and our factor exposure, etc. So this is one thing that many plans do another thing because not many plans actually look at that i mean ive talked to a lot of black mans to you use the holder place data they dont so another option is the factor exposure youre seeing what our data is and country and wheezing weights and the equity. I dont think the customers will understand that will you believing be able to see the holders it is in a simple language or is is batting bet to this and that. It can be both if we end up in the plan insists on the holdings and we will see that and t
Were looking to partner together with the worlds most outstanding managers were not going to gain the capital soon, well make a 3 year commitments in exchange for lower fees almost all managers will do that. Many, many. Many okay many. And then the third way to reduce the fees through managed accounts the pathway is having a large allocation of money 100 million or more for managers youll begin to think about managed account is within our realm of possibilities. Can you confirm that and thats probably, maybe larger than that. Maybe one hundred 50. Oh, the customization of those fees can you give me a range of how much it would reduce our expense. Yeah. He think if we were to get down to a level that i think is achieveable im going to ask leslie to confirm that about 1. 3 and 13 maybe 1 point that 3 and 15. What does that mean. 1. 3 percent in the Management Fee and 15 percent of profits for the equipment fee and theres so many valuables and the types of managers some managers are less
Good morning. Welcome. You are watching the pulse. We are here in london. Francine the ecb president mario draghi is speaking this morning at an event in frankfurt. He said he sees upward gdp revisions due to oil and the qe program. We have been talking about parity between the euro and the u. S. Dollar. Guy people are talking about it going further than that. Lets check in to show you what has been happening. It has been an interesting couple of days. The dollar story is beginning to have a story in this space. The ftse is being eclipsed by other markets. It does seem as if we are starting to see money flowing toward european equities. You look at what mr. Draghi has been saying. A bit of qe, a Lower Exchange rate oil all of those things should manifest themselves in Stronger Economic growth. Yesterday, not so good. This morning, the losses have been recovered. Francine definitely. We saw two days of losses and now have gained 0. 1 . We want to show you the french 10 year yield. For t
Theres some downward pressure. So thats 17 and 17 is potential more the norm those days path there are a couple of paths to reducing fees further one is manager the accounts okay. And a second is longer than lock up periods if you signal to a manager and hey were looking to partner together with the worlds most outstanding managers were not going to gain the capital soon, well make a 3 year commitments in exchange for lower fees almost all managers will do that. Many, many. Many okay many. And then the third way to reduce the fees through managed accounts the pathway is having a large allocation of money 100 million or more for managers youll begin to think about managed account is within our realm of possibilities. Can you confirm that and thats probably, maybe larger than that. Maybe one hundred 50. Oh, the customization of those fees can you give me a range of how much it would reduce our expense. Yeah. He think if we were to get down to a level that i think is achieveable im going