Institutional Investors

Avon Pension scrutinises Man’s performance within its portfolio

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Source: Avon Pension Fund

Avon Pension Fund, which manages the assets of the Bath and North East Somerset County Council, has Man Group under close review as the fund of hedge funds restructures its portfolio in the wake of disappointing performance.

Man, which runs over $97 million for Avon as one of four incumbent hedge fund managers who in total run around $322 million, is the pension fund’s worst-performing hedge fund manager in absolute terms over the last year, at -6.5% over 12 months. This falls well short of its annual benchmark target of 6.5%.