UK - The £23bn (US$32.3bn) Universities Superannuation Scheme has made the first hire for its planned move into hedge funds.
She will report to USS head of alternative assets Mike Powell.
Powell said: "Emily is the first of a number of hires we will be making in this area to build our in-house hedge fund selection capability.
"We believe that the current turmoil in the hedge fund industry represents a compelling investment opportunity for investors like USS who are able to take the long-term view. The absolute return strategies programme will form a core part of our strategy for alternatives assets".
USS currently has around 10% invested in alternatives and is targeting a 20% allocation over the medium term.
Since launching its absolute return strategies programme in 2006, USS has invested around £2bn into alternative assets, principally in private equity and infrastructure investments.
Porter previously worked at Key Asset Management as an investment Director focussing on event driven and distressed hedge fund research, as well as managing multi strategy fund of hedge fund portfolios.
Prior to joining Key Asset Management, Porter worked for Asset Alliance as a senior hedge fund analyst at Aurum and ABN AMRO Asset Management.
Speaking at the European Pension Funds Congress in Frankfurt last November, USS chief investment officer Peter Moon said USS had 90% of its portfolio invested in "risky assets", but it planned to stick to its investment strategy, despite "some consternations" the fund experienced (www.globalpensions.com: 19/11/08).
In line with its investment approach, Moon told Global Pensions USS was forming an investment team which could implement the fund's plan to invest directly in hedge funds. At the time, he said, USS had an exposure to hedge funds through replication products.
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