English Pensions Band Together

Oct 6 2011 | 10:29am ET

Another group of British public pension funds are joining forces to save money on consultancy—and, possibly, hedge fund—services.

Several local government pensions in England's southwest are part of the latest group, following a similar agreement among several of London's local councils. Under the plan, set up by Britain's Environment Agency, seven pensions have signed up.

The council pensions participating are those for Bath, Cornwall, Dorset, Gloucestershire, North East Somerset and Wiltshire, HFMWeek reports.

The Environment Agency is still working on the scheme's framework, and warned that it may "take several months or longer" before any consultant or hedge fund manager is the beneficiary of the scheme.

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