Breakdown Insurer Breaks Up With Blackstone

Sep 30 2010 | 10:18am ET

RAC offers breakdown coverage to British drivers. No word on whether its pension fund insured its relationship with its fund of funds manager, which has clearly broken down.

The £900 million RAC Pension Scheme has fired its only hedge fund manager, Blackstone Alternative Asset Management. The plan said it made the move to “de-risk” its portfolio, HFMWeek reports, and that it has no plan to invest in another hedge fund or fund of hedge funds.

Instead, it has moved the 5% of its assets managed by Blackstone to a liability-driven strategy run by Aviva Investors.

The RAC pension had invested with Blackstone since 2007.


In Depth

An Interview With Harvest Volatility Management's Rick Selvala

Mar 23 2017 | 5:39pm ET

Several years of extremely low interest rates have pushed some investors into equities...

Lifestyle

'Tis the Season: Wall Street Holiday Parties Back In Fashion

Dec 22 2016 | 9:23pm ET

Spending on Wall Street holiday parties has largely returned to pre-2008 levels...

Guest Contributor

SEI: Private Debt Coming Into Its Own

Mar 8 2017 | 9:24pm ET

The explosive growth of private debt over the past few years has caused the lines...