UK - The £3.5bn Lancashire County Council pension fund has tendered a new fund of hedge funds brief worth £100m.
Principal accountant Mark Bennett said funds for the new allocation would come from cash, currently 5%.
The move has been based on advice from Mercer.
The pension fund is currently invested in UK and overseas equities, bonds, property and private equity.
By Lisa Haines
Occupational pension provision has continued to grow in value, but there remains large variance in incomes across the pensioner age group, according to latest government data.
Defined benefit (DB) schemes could have an aggregate surplus by 2021 under Pension Protection Fund (PPF) projections, its strategic plan for 2018 to 2021 reveals.
Investment consultants are failing to recommend products that outperform net of fees, the Competition and Markets Authority (CMA) has said as its investigation into the market continues.
This week's top stories included coverage of the much-anticipated defined benefit (DB) white paper and the sector's reaction.