Invensys Dumps BlackRock Fund Of Funds

Dec 16 2013 | 10:38am ET

Another pension fund is turning away from funds of hedge funds.

The Invensys Pension Scheme has terminated BlackRock from a £200 million mandate, it said in its annual report. While BlackRock's performance was certainly an issue—the fund of funds underperformed its target over the last three years, with an annualized return of just 4.1%—the pension seems to have soured on funds of funds generally.

Invensys Pension will not put the £200 million into another fund of funds. Instead, it will "re-allocate the bulk of the proceeds towards credit investment mandates." The big beneficiaries of that move include GLG Partners, an existing credit manager for the pension.

BlackRock continues to hold a multi-strategy fixed-income hedge fund mandate from Invensys.


In Depth

Kettera Q&A: The Advantages of Alternative Investment Platforms

Oct 28 2016 | 5:52pm ET

The past several years have seen a distinct push towards easier and cheaper access...

Lifestyle

Midtown's Plaza District Fades As Manhattan Office Landscape Shifts

Nov 22 2016 | 6:32pm ET

Lower leasing costs, more efficient office space and the hope of projecting an image...

Guest Contributor

Nowhere to Hide: Why the Future of Asset Management Depends on Innovation

Nov 15 2016 | 6:55pm ET

Information technology has reshaped the asset management industry’s periphery,...

 

From the current issue of

Chicago-based independent futures brokerage and clearing firm R.J. O’Brien & Associates (RJO) has hired industry veteran Daniel Staniford as Executive Director, responsible for the firm’s institutional business development in New York and London.

AVAILABLE NOW at BARNES & NOBLE

NEWSTAND LOCATOR