U.K. Universities Pension Picks Man For FoF Mandate

Apr 6 2010 | 9:31am ET

The Man Group has won a US$1 billion fund of hedge funds mandate from Britain’s Universities Superannuation Scheme.

The pension fund, one of the U.K.’s largest, last year announced plans to boost its alternative investments portfolio and begin investing directly in hedge funds. The Man investment is the largest allocation made as part of that plan, which will be put into place over the next two years, Financial News reports.

The money from the £27 billion USS, which has previously invested only in hedge fund replication strategies, will be invested with Man Investments.

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