The UK's Leicestershire County Council Pension Fund is the
latest to go the route of investing directly, taking managed
futures as a diversification play. It has made an investment of
$128 million, or 3.5% of total assets, into Aspect Diversified,
the $6.8 billion flagship fund run by the London-based
investment firm which was set up by Martin Lueck and Michael
Adam, key figures in the development of Man's AHL programme.
David Harding, the 'H' in AHL, went on to found another CTA
favourite, Winton Capital Management.
The move is particularly interesting as the pension fund
recently disinvested from a fund of hedge funds managed by
Fauchier Partners, which has $6.29 billion in assets. The $3.7
billion scheme appointed Fauchier Partners in May 2007,