Institutional Investors Performance

Review by UK’s Avon concludes disappointing performance


The Avon Pension Fund, one of the leading hedge fund investors among UK local authorities, is close to completing a review of its hedge fund allocations, and has found returns somewhat disappointing.

The review comes as the pension fund has reached three years of investing in the space, having begun to allocate in 2007. The $3.5 billion pension fund invests around 10% of total assets in hedge funds, split between five managers: Gottex Fund Management, Stenham Asset Management, Signet Capital Management, Lyster Watson and Man Group. The review was undertaken with the aid of consultant JLT, and focuses