London Borough of Barking & Dagenham Pension Fund, Dagenham, England, hired Aberdeen Asset Management to run a £50 million ($85.8 million) diversified alternatives portfolio, said David Dickinson, group manager, treasury and pensions.
Mr. Dickinson said the allocation by the £680 million pension fund would be made up mainly of hedge funds and private equity. It will be funded from cash and equity, but contracts are still under negotiation and a split has not yet been determined, he said.
The pension fund implemented a new investment strategy in the 2012-’13 fiscal year, which saw it move away from active equity allocations and to a strategy including alternatives and passive equity allocations.
