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.