Institutional Investors

Havering appoints Ruffer for $22m move


The London Borough of Havering has appointed Ruffer to fill a multi-asset absolute return mandate of around $22.6 million. The mandate covers a diverse range of assets including equities and fixed income, with a significant allocation to alternatives, understood to include hedge funds.

The move came as Havering looked to diversify the mix of its $543 million pension scheme. While the investment is an initial step into alternatives for the scheme there is no immediate plan to venture further into the asset class, although officials at the scheme have not ruled out further investments if performance proves satisfactory.