Hedge Funds Institutional Investors

Finland's Ilmarinen shifts allocation in-house


Finland's Ilmarinen, the country's second-largest pension fund, plans to redeem its external hedge fund managers as it shifts its allocation in-house.

The $29 billion plan currently has 2.9% in hedge funds, mostly single manager but also some fund of hedge fund holdings that date from its initial hedge fund investing days.

However the scheme has an in-house team running global tactical asset allocation strategies. Timo Ritakallio, deputy CEO of investments, said: "These are similar strategies which offer real-time information. As a result we will have better risk monitoring and improved liquidity."

To the end of December 2008, the plan was down