One London neighborhood is none to happy with the Man Group.
The London Borough of Bexley's pensions committee has redeemed its only hedge fund investment, with Man's fund of hedge funds arm, Man Investments. The committee cited poor performance and a recent asset liability study, HFMWeek reports.
"Return on the original £10 million investment in a fund of hedge funds since 2006 had been disappointing," the committee's minutes said. "At the last meeting it had also been agreed that investment in hedge funds should not feature in the long-term asset allocation."
Bexley first invested with Man, then RMF Investment Management, in 2006. As recently as 2008, the pension mulled doubling its investment in the fund of funds.