Clwyd Pension Fund has given a £1.4 billion hedge fund mandate to the FRM, part of hedge fund provider Man Group.
The assets will be added to other Local Government Pension Scheme (LGPS) assets on FRM’s managed account platform for local authority pension funds. The platform offers reductions in fees as the value of LGPS assets on it increase. Cornwall Pension Fund awarded a mandate to the platform earlier in 2015. In a statement on the mandate award, Clwyd Pension Fund said: “Man FRM’s managed account solution provides our fund with ownership of hedge fund investments, but also allows for high levels of transparency of the underlying holdings, a factor which is not always available through traditional fund of funds offerings.”