London Borough of Camden Pension Fund appointed BlueCrest Capital Management to run £50 million ($79 million) in a hedge fund of funds, said Peter Taylor, pension fund accountant.
The move is the £995 million pension fund's first hedge fund allocation of any kind.
Funding will come from reducing global equities to 45% of the total portfolio, from 50%. Pension fund officials have not decided which portfolios will be reduced, Mr. Taylor said.
According to the pension fund's latest annual report for the year ended March 31, 2011, Aberdeen Asset Management and Fidelity Investments equally split the pension fund's active global equity portfolio.
Hymans Robertson advised. An RFI was issued in November.
