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Impact Investing

IPE special report May 2018

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UK’s Clwyd adds hedge fund exposure in revamp

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UK – The 550 million-pound (834 million-euro) Clywd Pension Fund says it has broadened its hedge fund exposure in a “major review” of its investment managers.

Flintshire County Council in Wales, the lead authority for the local authority fund said it has “recently completed a major review of its investment management arrangements”.

The result is a broadening of its hedge fund exposure through an allocation to fund of funds vehicles, via Pioneer Alternative Investments and Quellos Institutional Partners, who gain 11 million pounds each.

Barclays Global Investors takes on a core 40 million-pound Europe brief while TT International Investment Management assumes 10 million-pound high alpha Europe. BGI and TT replace Gartmore, a spokesman said. T. Rowe Price International takes on a 42 million-pound US mandate, replacing Barings.

Gartmore Investment Management and Goldman Sachs Asset Management were awarded currency fund briefs, each worth 11 million pounds.

A fund spokesperson said: “The 2003/04 review was carried out rigorously and the Clwyd Pension Fund Panel is confident that the Fund will continue to prosper.

"The optimisation exercise was carried out in the context of the Fund's Management Panel's aim of increasing potential return whilst reducing risk and thereby increasing the Fund's information ratio."

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