Institutional Investors

Local authorities in UK still mulling over alternatives


While the UK’s local authorities continue to lead the push into alternatives investing, some remain unconvinced, whether this is because of their individual asset mix, nervousness of trustees or doubts as to the long-term benefits of hedge funds. This dynamic can be illustrated by two recent mandates which have seen hedge funds specifically excluded from general alternatives allocations.

Fife Council Pension Fund, based in Glenrothes, Fife, Scotland has just awarded a ‘traditional multi-asset absolute return mandate for up to 10% of total assets’ – which equates to roughly $160 million – to be split between Standard Life and