The Clwyd pension fund has hired a pair of hedge funds to manage £80 million in new allocations to the asset class.
The £1 billion plan, which covers employees of Flintshire County Council, picked BlueCrest Capital Management to handle a 3% tactical macro allocation and Duet Asset Management to run a 5% global long/short equity mandate, HFMWeek reports. The hedge funds will get the money on Friday, pension manager Philip Latham said.
The Welsh pension began its search for the two managers in September.
Clwyd also invests in two funds of hedge funds, Liongate Capital Management and State Street Global Advisors.