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

Q&A: Portfolio Advisors' Brian Murphy On The Advantages of A Private Markets Platform

Jan 2 2018 | 11:05am ET

Most private markets firms reference their platforms as a source of competitive...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Steinbrugge: The Top Hedge Fund Industry Trends for 2018

Jan 2 2018 | 12:22pm ET

Each year, Don Steinbrugge’s Agecroft Partners compiles the insights gained...