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.


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