British Railway Pension Dumps Two Funds Of Funds

Jun 20 2013 | 10:41am ET

The U.K.'s Railway Pensions Scheme is getting on board with the shift from funds of hedge funds to direct hedge-fund investments.

The £19 billion pension has fired two of its three funds of funds and reallocated half of its £2 billion hedge fund portfolio to single-manager funds, Financial News reports. The change will give RPMI's staff more control over its assets, chief investment officer Keith Shepherd said.

RPMI had invested with Blackstone Alternative Asset Management, Grosvenor Capital Management and Rock Creek Group. Shepherd would not tell FN which of the three had been terminated.

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