Institutional Investors

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


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.