PAAMCO passes muster with Merseyside

Merseyside Pension Fund, Liverpool, England, hired PAAMCO to provide operational due diligence on direct investments in hedge funds, said Paddy Dowdall, investment manager at the £4.6 billion ($7.4 billion) fund.

Merseyside has about £100 million in direct investments in hedge funds; there are no plans to add managers, Mr. Dowdall said.

Merseyside also plans to triple Pacific Alternative Asset Management's hedge fund-of-funds mandate to £75 million.

Both actions follow a satisfactory due diligence review of PAAMCO that Merseyside conducted last week.