WEST PALM BEACH, FL (www.HedgeCo.Net) – The Dorset County Council Pension Scheme has chosen a new fund of funds manager to oversee the fund�s diversified hedge fund portfolio. Nick Buckland, theinvestment officer of the fund said �the move is the latest of three fund-of-hedge-fund briefs announced since the pension fund�s asset/liability structure was reviewed last year.�
According to the report, Dorset selected International Asset Management (IAM), a hedge fund manager with global network and reach to manage the firms diversified hedge fund portfolio. Buckland said, �Absolute return funds were part of the study�s recommendations as was a rejig of the assets we have.� He added, �We made no other managerial changes but we moved some of the money around so we now have less in UK equities and a bit more in overseas bonds.�
Buckland also noted that �The restructuring involves a little over 5% of the portfolio being placed in absolute return funds, a couple of months ago we appointed Pioneer and Gottex to manage about �22m each and IAM is the third appointment. It will manage some �10m initially.� Dorset County Pension Fund, is one of the first UK pension funds to adopt hedge fund management strategies, and currently oversees over BP900 million in pension assets.
IAM manages portfolios of hedge funds for institutions and high net worth individuals. It is one of the oldest and largest independent specialist hedge fund multi-managers in Europe, with over $1.5 billion funds under management. Founded in 1989, the company specializes in tailor-making portfolios of hedge funds according to IAM statements.
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