Taking the high road to absolute advocacy

For most pension funds, investing in hedge funds comes at the end of a long journey, from detractor of the asset class, to skeptic to interested, to investor.When Edgar Sullivan and his team at General Motors Asset Management began studying hedge funds around six years ago, he admits to being sceptical, but not totally dismissive, of absolute-return funds.While not a complete convert to all that is absolute return, it is refreshing to hear his upbeat analysis of the 7% of GMAM's $100bn in ab