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Devon heads down the infrastructure route

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UK - The £2bn (€3bn) Devon County Council Pension Fund is making its first foray into infrastructure via a new UBS vehicle.

The fund's investment manager Barry White confirmed the fund has set aside £25m.

UBS said the fund "will typically target established direct investment opportunities in OECD countries, investing in a variety of infrastructure assets for example, transportation, utilities, social and communication sectors". Target size of the fund is $1.5bn (€1.1bn).

"We think it is a good way of diversifying the risk in our portfolio," he told IPE.

White added that the fund had no exposure to private equity or hedge funds.

Elsewhere, the £520m London Borough of Enfield pension fund has appointed an infrastructure investment manager.

Australian investment bank Babcock & Brown will manage the fund's first £15m foray into infrastructure.

Paul Reddaway, head of Treasury and Pensions at the council, confirmed the fund will invest in broad range of European infrastructure.

In other news, Hymans Robertson will replace Mercer Investment Consulting as investment adviser to the £80m CMP Batteries Pension Scheme.

Hymans said it will provide "the full range of services to the Trustees, including advice on strategy, structure and investment managers".

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