The investment committee of the Avon Pension Fund has decided to withdraw entirely from one of its five hedge fund managers and redistribute its allocations within the remaining four, HFMWeek reports. The move is part of a review of the asset class. The $2.2 billion fund has allocated 10% of its portfolio to five funds of hedge funds, Man Group, Lyster Watson, Signet, Stenham and Gottex. It will redeem its investment in Lyster Watson, which accounted for 5% of the hedge fund portfolio, while Man’s share of the portfolio will be reduced from 45% to 30%. Signet and Stenham’s allocations were increased.
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