Institutional Investors

UK’s DMGT scheme shuns FoHF in favour of direct access


The $2.75 billion UK-based DMGT Pension Scheme is in the process of redeeming its $160 million holding in a fund of hedge funds managed by K2 Advisors and will instead invest directly in its own portfolio of hedge funds. While it has placed a redemption notice, the lockup period of the fund means the assets have not yet been returned.

Mike Weston, chief investment officer of the pension fund, said that as the investment committee had grown more sophisticated in its understanding of the asset class, it had come to view funds of hedge