Monday, 8 February 2016
Last updated 2 days ago
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.