U.K. Pension Cuts Madoff-Scarred Firm, Doubles IAM Investment

Oct 22 2010 | 12:56pm ET

A British pension fund has decided to double its investment with fund of hedge funds International Asset Management.

The Dorset County Pension Fund has redeemed its investment with Pioneer Alternative Investments and will put the money with IAM, HFMWeek reports. Prior to the move, IAM, Pioneer and Gottex Fund Management each managed an equal share of the £1.4 billion pension's 6% hedge fund allocation, or about US$25 million each.

"We decided to redeem from Pioneer last year due to the hedge fund's exposure to Bernard Madoff," Nick Buckland, the Dorset County Council's investment officer, said. It still hasn't received all of its money back from Pioneer, which had 10% of its assets invested with Madoff, who was convicted of running a US$65 billion Ponzi scheme.

In Depth

Financial Industry Blockchain Consortium R3 To Open-Source Platform Code

Oct 20 2016 | 9:03pm ET

Bitcoin's blockchain technology has spawned a flurry of activity among fintech startups...


U.S. Trust's Beard: The Rapid Growth of the Art Lending Industry

Oct 7 2016 | 10:55pm ET

Alternative investment managers have emerged as some of the most significant art...

Guest Contributor

Hedge Fund Marketing – Tips for Your Initial Sales Meeting

Sep 29 2016 | 5:46pm ET

There are two main goals a hedge fund should have for an initial in-person sales...