Post-portfolio rationalisation, the UK’s Merseyside has settled on PAAMCO to handle oversight of its alternative investments
By Pirkko Juntunen
On the surface, the investment story for Merseyside Pension Fund reads like a typical UK local authority tale of a large UK pension fund moving away from funds of hedge funds into the arms of hedge fund investments directly.
The UK local government pension scheme recently restructured its hedge fund portfolio and rationalised its six funds of hedge fund providers down to one. Like a game of musical chairs, it was Pacific Alternative Asset Management that was left sitting on the last chair when the music stopped at Merseyside.