Institutional Investors

Wales' Flintshire council plans further allocation

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Flintshire County Council, lead authority for the Clwyd Pension Fund, will look for a fund of hedge funds or multi-strategy hedge fund as part of its ongoing venture into the alternative asset class.

Based in Mold in Wales the local authority pension scheme, which has around $1.4 billion in total assets under management, will look to place a further $66 million with one or more fund of hedge funds or multi-strategy hedge funds.

Fund of funds would have a target of three-month Libor plus 3% to 5%, while a multi-strategy hedge fund, if appointed, would have an absolute return target