Universities Superannuation Scheme, Liverpool, England, hired SSgA to manage £200 million ($400 million) in a hedge fund replication strategy, confirmed Lisa Haines, USS spokeswoman. Its the £30 billion funds second allocation to a hedge fund replication strategy its first was to Partners Group bringing the total invested to about £400 million.
We are convinced of the merits of hedge fund replication as a way of gaining transparent, liquid and low-cost exposure to the risk premia that drive the majority of hedge fund returns, Michael Powell, head of alternatives at USS, said in an SSgA news release.
Mr. Powell could not be reached by press time.
Updated with correction