Bexley Council pension fund, based in Bexleyheath, Kent, has pulled out of its hedge fund investment run by Man Group as part of a shift away from the asset class. Poor performance by Man Group was also a contributory factor.
The $785 million plan decided to move out of hedge funds following an asset liability study completed in early 2011. The study concluded that hedge funds should not be part of the fund’s long-term strategy.
The scheme had around 2.5% of its assets in a fund of funds run by Man Group – an investment made via RMF