Thursday, 3 September 2015
Last updated 5 hours ago
Oct 8 2012 | 11:27am ET
The £1.5 billion Willis Pension Scheme is sticking with a familiar face to manage a new £100 million hedge fund portfolio.
The pension fund picked its investment consultant, Towers Watson, to handle what is in effect a huge fund of hedge funds mandate. Towers currently manages some US$7 billion in such mandates, Financial News reports.
"As a hedge fund investment business, we are not quite at the level of a BlackRock or a JPMorgan, but we are in a pretty good place," Chris Ford, who heads European investment consulting at Towers, told FN. "Nor are we at the US$500 million level, where a few funds of funds have been going out of business lately."
Towers' bid for Willis' business was no doubt helped by the price; according to Ford, Willis will pay significantly less than the average fees for funds of funds.
May 27 2015 | 2:15pm ET
Support Hedge Funds Care, also known as Help For Children (HFC), by participating in this year's raffle. All proceeds go to support HFC's mission of preventing and treating child abuse. Read more…