Wednesday, 31 August 2016
Last updated 6 min ago
Jun 11 2013 | 9:53am ET
A London pension fund is giving one hedge fund manager a big vote of confidence, and another the heave-ho.
The London Borough of Croydon Pension Fund will double its investment with BlueCrest Capital Management to £28 million (US$44 million). The new allocation to BlueCrest will be funded by the termination of Fauchier Partners.
"Performance was the key factor," Croydon pensions chief Nigel Cook told Bloomberg News. "It was disappointing, and board members felt that they were looking for something more from Fauchier."
Cook declined to provide details about Fauchier's performance.
It is unclear still whether Croydon will simply double its investment in BlueCrest's flagship AllBlue fund, or put its money into another BlueCrest fund.