UK - The £1.1bn Devon County Council Pension Fund is to invest in a new European Fund from Hermes.
Scheme investment manager Ian Faulkner explained that the Exeter fund already invests an unspecified amount in the Hermes’UK Focus Fund and has allocated EUR11m to the European Fund - which is run along similar lines - from the beginning of 2002.
On a separate note, Faulkner added that Devon has decided not increase its 1% allocation to ethical funds as was initially intended.
The Devon County Council Pension Fund is advised by Bacon & Woodrow.
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