Railpen, the giant pension scheme that looks after the retirement savings of 380,000 railway workers, will move at least \u00c3\u201a\u00c2\u00a3540 million into hedge funds this year.<\/p>\n
In his first interview as chairman of the National Association of Pension Funds (NAPF), Chris Hitchen, the chief executive of Railpen, said that the \u00c3\u201a\u00c2\u00a318 billion fund would have about \u00c3\u201a\u00c2\u00a31.4 billion invested in hedge funds by December, after increasing its exposure from 5 per cent to 8 per cent.<\/p>\n
\u00c3\u00a2\u00e2\u201a\u00ac\u00c5\u201cWe have been divesting our equity portfolio to buy other asset classes, such as private equity, property, hedge funds and infrastructure,\u00c3\u00a2\u00e2\u201a\u00ac\u00c2\u009d Mr Hitchen said. \u00c3\u00a2\u00e2\u201a\u00ac\u00c5\u201cWe went into infrastructure assets last year, but they\u00c3\u00a2\u00e2\u201a\u00ac\u00e2\u201e\u00a2re somewhat overheated, so we\u00c3\u00a2\u00e2\u201a\u00ac\u00e2\u201e\u00a2re trying to make sure we don\u00c3\u00a2\u00e2\u201a\u00ac\u00e2\u201e\u00a2t put all our money in at the same time.\u00c3\u00a2\u00e2\u201a\u00ac\u00c2\u009d<\/p>\n