Emily Porter was named portfolio manager at the £23 billion ($33 billion) Universities Superannuation Scheme, London, a new position, spokesman Andy Fleming confirmed.
Emily is the first of a number of hires we will be making in this area to build our in-house hedge fund selection capability, Mike Powell, head of alternative assets at USS, said in a news release.
The fund is doubling its allocation to alternatives to 20% opportunistically over the medium term based on a recommendation from a 2007 asset allocation review, Mr. Fleming said.
Ms. Porter was an investment director at Key Asset Management. Her position will not be filled, and other managers have assumed her former duties, Key spokeswoman Lisa Semple said.