Institutional Investors

Lambeth begins fund of funds search

by

Lambeth Pension Fund in south London has moved swiftly to issue an RFP for fund of hedge funds worth $115 million - or 10% of total assets - as part of a major shakeup right across the scheme.

The benchmark for the fund of hedge funds allocation will be LIBOR plus 2% to 5% per annum with low target beta and volatility preferred. The pension fund also specifies that it will look for diversified exposure across all hedge fund styles.

The $1.15 billion plan is also looking for a manager to run a