Flintshire County Council Clwyd Pension Fund, Mold, Wales, hired Liongate Capital Management and SSARIS Advisors to run £20 million ($31.3 million) each in hedge funds of funds, said Philip Latham, manager of the £880 million fund.
Liongate and SSARIS replace Pioneer Alternative Investments and BlackRock, which ran mandates of similar sizes. Pioneer was terminated because of Madoff exposure, while BlackRock was terminated for performance, Mr. Latham said.
A Pioneer spokeswoman, who asked not to be named, declined to comment; Emma Phillips, a BlackRock spokeswoman, declined to comment citing client confidentiality.
