London Borough of Waltham Forest Pension Fund later this year will be searching for managers to run a hedge fund portfolio estimated at about £25 million ($40 million) and an infrastructure strategy estimated at about £50 million, according to recently released minutes of the pension fund's March 6 meeting.
The new mandates were part of a broader asset reallocation of the £500 million pension fund. Completed in 2011, the asset allocation review also put a global tactical asset allocation totaling £15 million under review, according to pension fund documents. The GTAA assets could potentially be added to the hedge fund portfolio if pension fund officials decide to terminate the strategy.
Separately, the equities portfolio was reduced to 59% from 74%, split between U.K. equities and global equities. Later this year, pension fund officials also plan to appoint managers for the global equities strategy, according to pension fund documents.
Debbie Drew, pensions and treasury manager, could not be reached for further information by press time.