U.K. Pension Fund Slashes Hedge Fund Portfolio

Oct 22 2008 | 9:51am ET

The €59 million (US$78 million) Umicore Pension Fund has reportedly cut its allocations to hedge fund by two-thirds, from 6% to 2%, since last September following poor returns in the asset class.

Luc Crabbé, benefits manager for Belgium and Northern Europe, said the fund scaled back its investments in hedge funds up because of “incredibly bad returns”, MandateWire reports.

The fund started investing in hedge funds last September and has not as yet invested in any other alternative asset classes.

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