FX hedge funds lure UK govt pensions

"Some authorities have invested in funds of hedge funds before, but this is the first direct investment in a hedge fund," said Paul Skinner, product manager for currency and fixed-income products at Gartmore Investment Management in London, which is managing Clwyd’s £10 million in assets. "This is exciting because it takes a while for [a pension fund] to decide on this course, but once one does, others will follow."

Clwyd has also given £10 million mandates for funds of hedge funds managers P