Local government pension schemes in Britain pulled money out of hedge funds last...
LONDON - Local government pension schemes in Britain pulled money out of hedge funds last year, shifting cash to infrastructure projects such as wind farms and to private equity, a Reuters analysis of annual reports shows.
The drop reflects a difficult year for hedge funds, with $65.86 billion yanked by investors globally in the year to March 2019 amid flat returns, according to data from eVestment. The FTSE 100 index rose 3.7% over the same period. It was the second year in a row that the UK schemes have pulled money from hedge funds, the Reuters analysis showed.
Investments in private equity, which have long been favoured over hedge funds, also rose by 597 million pounds, a 10.4% gain.Pension funds are important investors because they tend to park their money for the long term, and public pension funds account for about a fifth of hedge fund assets globally.
Of the five LGPS schemes to invest in hedge funds, three said they had cut back, including South Yorkshire, which continued to reduce its allocation to U.S.-based Permal Group, while one suffered losses.
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