The pension scheme of British American Tobacco has now fully disinvested from hedge funds.
The $3.3 billion plan, which had held an allocation of roughly 5% of assets in a fund of funds, disinvested last year, as part of a rationalisation of its assets.
After reviewing the results of a study, the scheme came to the conclusion that hedge funds did not fit with its long-term strategy. While it has made changes in the past BAT, as a relatively mature plan, is now looking to take a more traditional, buy-and-hold approach. It is