Institutional Investors

Transport for London expands into alternative credit


The $9.6 billion TfL Pension Scheme, which manages the retirement assets of employees of Transport for London, recently expanded its hedge fund holdings with investments in alternative credit.

According to Ed Francis of Towers Watson, the scheme’s adviser, two new alternative credit managers were added to the portfolio recently: Brigade Capital Management and Oak Hill Advisors.

The additions were made to the scheme’s fixed-income portfolio rather than the alternatives allocation, as part of a restructuring, which also involved a shift away from pure sovereign debt to more corporate bond investment.

The scheme continues