Institutional Investors

UK’s Avon pension fund redeems Lyster and cuts Man allocations from its portfolio

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Avon Pension Fund, one of the leading hedge fund investors among UK local authorities, has acted on the results of a recent review, redeeming from Lyster Watson and cutting Man Group’s allocation by a third.

The $3.5 billion scheme conducted a review after three years of investing in the space, having begun to allocate in 2007. The plan invested roughly 10% of assets across five managers: Gottex Fund Management; Stenham Asset Management; Signet Capital Management; Lyster Watson and Man Group.

The plan concluded that the overall allocation should stay at 10% but that the allocations should be shifted.