Dorset County Council Pension Fund is set to double its investment in a fund of funds run by International Asset Management.
The Dorchester-based scheme in the UK will reinvest the assets it managed to redeem last year from Pioneer Asset Management. Pioneer was among the funds of hedge funds hit by its exposure to the Madoff Ponzi scheme.
The $2.2 billion pension scheme began investing in hedge funds in 2004, with a $95 million allocation split between Gottex Fund Management, IAM and Pioneer.
Although the pension scheme is satisfied with IAM and Gottex it has no immediate plans