In late December the Teacher Retirement System of Texas sent ripples throughout the hedge fund industry after alternative investment consultancy Albourne Partners released a white paper disclosing a novel hedge fund fee model that it has been working on with the $133.2 billion, Austin, Texas-based pension fund.
该方法 - 致电1或30 - 旨在确保投资者从对冲基金投资获得70％的经济学，同时认识到需要支付迟到的资产管理人员的绩效费用。在拟议的费用模式下，管理费通过折扣来偿还绩效费用（如果对冲基金未能在任何给定年内履行），并且德克萨斯州只有在达成同意的障碍后立即支付绩效费用率。经理可以制作的最大值是alpha的30％或基准后的性能减去一个百分比的管理费。
“一贯达到投资者70％alpa股票目标的最简单方法将是一个没有管理费的费用结构和30％的绩效费用，只在阿尔法上支付。然而，这种费用结构可能导致经理在任何长期表现期间对经理产生重大的业务风险 - 因为在无论是管理或绩效收取的经理，都有长期没有任何一定的收入，“奥尔巴恩·洛纳尔在论文中。为了消除这种风险，“1或30”的结构保证了经理的定期管理费收入，并持续持续，与当前的传统管理费机制相同。然后对绩效费用减少相同的金额，以将总费用返回到alpha的30％。“
TRS尚未完全披露养老金系统将如何应用其新费用方法;该计划目前投资于30个对冲基金。But the proposal is a clear indication that the pension system, headed up by CIO Britt Harris — who briefly served as CEO of the world’s largest hedge fund manager, Bridgewater Associates — has not fallen out of love with hedge funds, even as it seeks to find a pathway to better economics for investors.
This contrasts with a number of state an pubic pension plans — most notably CalPERS in California, the New York City Employees Retirement System, and state pension systems in Rhode Island and New Jersey — that are either pulling out of hedge funds entirely or significantly scaling back their hedge fund commitment. Many of these states and cites have felt significant pressure from unions to eliminate hedge funds, arguing that these investment vehicles take money from Main Street workers to pad the pockets of managers in the form of high fees.
德克萨斯州那however, has come under far less pressure to exit hedge funds, despite the fact that the state has one of the largest pools of defined benefit pension assets in the country. This may be partly because the influence of unions in state level politics is less, particularly for those groups in the organized labor movement, including teachers unions (which have given particular scrutiny to hedge funds).
另一个因素是养老金受托人或立法者的影响程度，可以获得投资和资产分配决策。例如，在纽约市的情况下，受托人的影响力可以很大，而其他计划 - 包括一个持续致力于对冲基金的计划 - 具有更少的股权持有人，具有影响投资决策的直接权力。
然而，公共计划和其他仍然致力于对冲基金的大型资金几乎在整个董事会上提出了关于费用的问题。15.8美元伊利诺伊州的投资委员会是另一个明确的基金，它只愿意投资并支付，并支付其认为提供真正的alpha的对冲基金。随着伊利诺伊州所做的，但是，随着伊利诺伊州所做的，而且换取更多的门票并向经理提供更多的门票并提供更多的票据，而且经理依次脱离经理，而且依赖于经理的费用模型，这是从两个百分比的管理费和20的费用模型运营，而且换取经理。percent performance fee that had been the standard for hedge fund managers throughout much of the industry’s existence and maturation. Some mangers, specifically Israel Englander’s Millennium Management and Ken Griffin’s Citadel, still charge operating expenses to investors in some or all of their funds.
与之交谈的投资顾问亚博赞助欧冠赞扬了增加障碍率的费用付款，因为白化人/ TRS模型所做的，并且通常是“1或30”的方法。
也就是说，顾问建议障碍白银正在使用 - 这取决于战略 - 非常低，可以通过管理人员轻松满足。如果基准甚至更糟糕的话，那么在策略损失的情况下，一年仍然可以在一年内进行审判的经理。Nether TRS或Albourne对评论请求进行了回应。