Thursday, 24 July 2014
Last updated 1 hour ago
Apr 12 2012 | 10:29am ET
A British public pension fund is taking a closer look at its only fund of hedge funds manager.
The Wiltshire County Council put Fauchier Partners on 12-month watch. The £1.2 billion pension said it was concerned about the Jubilee Absolute Equity Fund's performance, HFMWeek reports.
While Wiltshire's board "still have confidence in the fund," Fauchier "hasn't lived up to its objectives," Wiltshire pension manager David Anthony told HFM.
The move comes as Mercer takes over as Wiltshire's new investment consultant. Mercer replaces Hymans Robertson.
Even if Wiltshire were to redeem its US$110 million from Fauchier, the pension would likely stick with funds of funds.
"Our trustees are wary of hedge funds and we are keen not to put all our eggs in one basket; we are more comfortable with a fund of hedge funds model because of the diversification it affords," Anthony explained.
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…