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Universities Superannuation Scheme Builds Hedge Portfolio

by Amy Bensted

  • 25 Oct 2010
  • HF

The GBP 30 billion public pension fund for University and higher education employees in the UK has revealed plans to invest in approximately 10 new hedge fund managers over the next 12 months to add to its current 15 manager portfolio worth just under GBP 1 billion. The pension fund has rapidly amassed a large portfolio of hedge funds, having only made its first investments in the asset class in 2009. It will be seeking managers globally that pursue macro, event driven, long/short equity and long/short credit strategies. In addition, other, niche strategies will be considered on an opportunistic basis. Its intentions tie in with its longer term target of building a hedge fund portfolio worth about GBP 1.2 billion and its aim to allocate around 20% of total assets under management to alternative investments. Typically, USS will commit anywhere between GBP 25-100 million in each hedge fund manager and this will usually be towards the upper end for its core strategy investments.

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