Corporate pension plans in the UK are standing at a
crossroads. Only the very largest - such as Universities
Superannuation Scheme or Railpen - have the resources to build
their own in-house team, but as the others weigh up hedge fund
investing they are faced with a growing number of options.
While a fund of funds remains the obvious introductory point
for a medium-sized or smaller pension fund, the newer model of
the investment consultant acting in a fiduciary or delegated
chief investment manager role has seen some success, with
pension funds such as the Jaguar Pension Plan and the Land
Rover Pension Scheme.
UK corporate plan sponsors have selected various managers and
strategies to gain access, and home-grown firms such as Brevan
Howard and Lansdowne Partners have gained traction in the space
alongside long-time funds of funds such as K2 Advisors and
Prisma Capital Partners (see table).
One of the most...