Shropshire Pension Seeks Funds Of Funds To Replace Man

Jan 18 2013 | 12:02pm ET

A British public pension fund is looking for a fund or funds of hedge funds, likely to replace the Man Group.

The Shropshire County Pension Fund has issued a request for information for one or more managers to run about £55 million (US$88 million), Pensions & Investments reports. The pension said only that funding for the new mandate will come from the termination of an existing manager; Shropshire currently has just two fund of funds managers, Man and BlackRock. Man manages about £55 million, but BlackRock just £35 million.

In addition, the Shropshire pensions committee raised concerns about Man at their November meeting.

Interested managers have until Feb. 19 to submit proposals; information is available from consultant Aon Hewitt. A winner or winners are expected in August.

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