Hedge Funds Institutional Investors

UK's USS ready to go direct

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Universities Superannuation Scheme (USS), the second-largest pension fund in the UK, will go direct rather than taking the fund of funds route as it looks to invest over $1.41 billion in hedge funds - believing that top institutional investors are now ahead of funds of funds in terms of being able to pick the best manager names.

Mike Powell, head of alternatives at USS, said: "Given the experience of the past 12 months, hedge funds will continue to shift their client base away from funds of funds towards institutional investors. USS should have better access to the top funds