US - Louisiana's Municipal Police Employees' Retirement System will bring on board 11 additional hedge fund managers by March 2007, increasing its allocation to the asset class to US$70m.
At a board meeting, the trustees of the $1.5bn fund declared they were rebalancing the fixed income portfolio in January 2007 and would use $28m to fund its current eight hedge fund managers.
In addition, the fund said it would be handing over a total of $70m to its hedge fund managers – the number of whom will increase to 19 by March this year.
At year-end 2006, the fund’s net assets increased by 6.92%. This was primarily due to capital appreciation in the equity and core real estate portfolios. The net appreciation however decreased by 4.35% due to lower equity market returns.
Due to this, the rate of return on the system’s investments was 8.72%, a figure lower than last year’s 9.34%.
The proposed cold-calling ban may be ineffective if a collaborative regulatory approach between the UK and the European Union (EU) is not maintained post-Brexit, the Pensions Management Institute (PMI) has warned.
Some 56% of defined contribution (DC) asset managers do not believe they will have transaction cost information in time for pension funds' March year-end statements, according to Lane Clark & Peacock (LCP) research.
NEST has appointed Clive Elphick, Martin Turner, Mutaz Qubbaj and Chris Hitchen as trustee members of its reshaped board.
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