Pyramis (Fidelity) breaks with its traditions – turns to portable alpha for the first time
| Sep 25th, 2006 | Filed under: Portable Alpha & Alpha/Beta Separation | By: Alpha Male |
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By: Mathew Smith, eFinancialNews.com
Published: September 25, 2006
Pyramis (a.k.a. Fidelity’s institutional business) has seen the light. As eFinancialNews.com reports, the oddly-named goliath has taken a first tentative step into alternatives (note to branding firm: choose corporate monikers that don’t look like “pyjamas” when you read them quickly).
Is it only a matter of time before Fidelity Magellan becomes “portable Magellan”? Says eFinancialNews…
“For the first time, Pyramis is turning towards portable alpha – a strategy that allows investors to transfer the returns achieved by managers from one benchmark to another. It is a marked difference from how it runs retail mutual funds, which are sector, style or market led.”
But apparently Pyramis is not in the hedge fund business, just the “(alpha) overlay business”…
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