UK’s West Midlands invests in fund of hedge funds

Reuters – The West Midlands Pension Fund, one of the UK’s largest local government schemes, has invested 40 million pounds ($64.28 million) in a fund of hedge funds.

Goodhart Partners said on Thursday the pension fund, which has 7 billion pounds in assets, had invested in its Global Long Short Equity Fund, which comprises 11 hedge fund portfolios.

The move shows some pension funds are continuing to invest in hedge funds despite poor returns last year. Earlier this year Goodhart won a 65 million pound mandate from the UK railway scheme Railpen [nL6341602]. Britain’s universities pension fund, USS, has also indicated it is going ahead with plans to invest in hedge funds.

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