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%.
Trustees lack expertise, time and resources to develop effective communications on technical pensions issues and need professional help, a major review of the British Steel saga has concluded.
In this week's Pensions Buzz, we want to know if you think trustees should consult directly with members before agreeing to a DB superfund buyout.
Thousands of savers taking tax-free lump sums ahead of retirement are at risk of a pensions shortfall in later life due to neglecting their remaining pot, Zurich has warned.
Professional Pensions is looking to update its list of pensions master trusts in the UK ahead of authorisation. Can you help?