Professional Pensions – The Universities Superannuation Scheme has appointed UBS Global Asset Management – Fund Services to deliver hedge fund of funds administration services.

The country’s second largest pension fund said it had enhanced its in-house hedge fund selection capability in recent months, by implementing an absolute return strategies programme.

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Professional Pensions – European schemes are increasing their allocation to non-traditional asset classes in a bid to manage their risks more effectively, Mercer says.

The consultant’s European Asset Allocation Survey – which polled around 1000 schemes from 11 countries – found 35% of UK schemes and 60% of European schemes (excluding the UK) expected to introduce new investment classes into their portfolio to help manage future investment risk.

Mercer investment consulting European head Tom Geraghty said: "Despite being innately diverse in history, culture and regulatory requirements, European pension funds have all felt the effect of the last year’s market turmoil.

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