Avon Pension Fund, Bristol, England, appointed five hedge fund-of-funds managers to run a total of £200 million ($399 million), according to Tony Worth, investments officer. Man Group will manage £90 million; Gottex Fund Management, £50 million; Signet Capital Management, £40 million; and Stenham Asset Management and Lyster Watson, £10 million each.
Funding will come from terminating an active multiasset portfolio managed by Capital International, Mr. Worth said. According to the £2 billion pension funds most recent annual report, as of March 31, 2006, Capital had had a second disappointing year with poor stock selection within U.K. equities being the main driver of the underperformance. Simon Levell, Capital Internationals spokesman based in London, declined to comment.