London Pension Dismisses ‘Clever’ Hedge Fund Managers

Apr 26 2010 | 12:08pm ET

A London borough is showing that its renowned conservatism is not limited to politics.

The Royal Borough of Kensington and Chelsea’s pension fund has rejected a plan to move one-fifth of its assets into absolute return strategies. The £428 million plan’s investment committee said it was wary of “an approach which involved fund managers adopting ‘clever’ complicated investment mechanisms,” HFMWeek reports.

Currently, the only alternatives in Kensington and Chelsea’s portfolio is a 5% allocation to private equity and property.

The pension’s hedge fund reticence certainly puts it at odds with its neighbors. In November alone, two other London borough pensions launched searches for hedge fund managers.

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