Tate Chiefs Lose £1million in High-risk Hedge Funds
Sunday, January 17, 2010 20:58
It emerged that Trustees of the Tate galleries lost £1million after investing in hedge funds. Finance bosses at Tate Britain and Tate Modern have pulled out of the funds following the loss.
Among the current and former trustees who were responsible for the hedge fund investments were leading financiers including Treasury minister Lord Myners, hedge fund guru Noam Gottesman, former fund manager Carol Galley and former Goldman Sachs star Scott Mead.
At its peak Tate held almost a quarter of all its investment in hedge funds, which is almost five times the amount a typical pension fund or insurance company would normally put into them. City experts said this was highly unusual for a charitable foundation.
Lord Browne said that a new investment committee had now been formed with a revised investment policy.
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