Danish Pension Completes Hedge Fund Abandonment

Feb 19 2013 | 9:00am ET

Danish pension fund ATP isn't stopping at the closure of its internal hedge fund unit.

The US$112 billion pension manager will merge its hedge fund platform into its main portfolio, the Financial Times reports. The move follows ATP's decision to close its US$1.9 billion ATP Alpha unit and part ways with its 15 portfolio managers in December.

ATP's acting chief, Henrik Gade Jepsen, said the pension would seek out cheaper and more transparent alternative beta strategies to replace the hedge funds.

"I'm not saying that alpha [no longer exists], but it is very difficult, time-consuming and expensive to extract," Gade Jepsen told the FT.

The move will indeed save ATP money; its investment team now numbers only 18, down from 35.

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