Institutional Investors

UK's Hillingdon council issues mandate for 40% of assets


In a radical move that shows the continuing appetite of UK local authorities for innovative asset management strategies, the Uxbridge-based pension fund of the London Borough of Hillingdon has issued a mandate for a manager to run up to $292 million, or 40% of the fund's assets.

The objective of the mandate is to produce equity like returns with no greater than equity volatility. The fund is taking a very open approach to the selection process and will consider global equity, multi-asset, absolute return and similar approaches, and has specified that it will consider fund of hedge funds.

The size