Shropshire County Pension Fund looking for hedge fund-of-funds managers

Shropshire County Pension Fund, Shrewsbury, England, issued an RFI for at least one manager to run a hedge fund-of-funds portfolio estimated at about £55 million ($88 million), according to a pension fund executive at the £1.1 billion pension fund.

Funding will come from terminating an existing manager, though the pension official declined to name the manager. According to the pension fund's latest annual report for the year ended March 31, Man Group managed a £55 million hedge fund-of-funds strategy and BlackRock (BLK) managed a £35 million hedge fund-of-funds portfolio. Shropshire's pensions committee had raised concerns about Man Group's performance and management changes, according to the minutes of the committee's meeting on Nov. 23. Efforts to reach Man Group were unsuccessful.

Shropshire's target allocation to hedge fund strategies is about 10%.

Proposals are due Feb. 19. Managers are expected to be announced by the end of August. Further information can be obtained from investment consultant Aon Hewitt, or by e-mail at procurement@shropshire.gov.uk.