Hertfordshire Council Picks LGT For Alts. Mandate

Jan 29 2013 | 9:40am ET

A British public pension fund has made its first-ever hedge fund investment.

Fund of hedge funds LGT Capital Partners won the Hertfordshire County Council mandate, which is worth £280 million. Only £70 million of that can be invested in hedge funds, with the rest placed with other alternative asset classes, Bloomberg News reports.

"We didn't feel the portfolio had moved to where it needed to be," David Lloyd, head of the council's pensions committee, told Bloomberg. "We were fairly dominated by equity risk, and we thought a better balance was required."

The "diversified alternative mandate" will be funded by a reduction in Hertfordshire's stock holdings. It accounts for 11% of the pension's assets.

Pfäffikon, Switzerland-based LGT called the allocation "one of the largest mandates focused exclusively on alternative investments ever awarded by a U.K. local authority pension fund."

In Depth

Financial Industry Blockchain Consortium R3 To Open-Source Platform Code

Oct 20 2016 | 9:03pm ET

Bitcoin's blockchain technology has spawned a flurry of activity among fintech startups...


U.S. Trust's Beard: The Rapid Growth of the Art Lending Industry

Oct 7 2016 | 10:55pm ET

Alternative investment managers have emerged as some of the most significant art...

Guest Contributor

Hedge Fund Marketing – Tips for Your Initial Sales Meeting

Sep 29 2016 | 5:46pm ET

There are two main goals a hedge fund should have for an initial in-person sales...