Gottex Fund Management and Pioneer Alternative Investments will each oversee USD 40 million of hedge fund assets for UK's Dorset council.
Dorset local authority handles GBP 850 million of retirement funds for 37,000 workers.
According to a statement from Gottex, the council, on the south coast of England, reduced the money it had invested in a UK fund that tracks indexes and is run by its own managers. Dorset instead increased its bond and equity holdings, as well as switching money into hedge funds.
The USD 80 million hedge fund allocation is equally split between Gottex, which already manages USD 3.6 billion of hedge fund assets. and Pioneer Alternative Investments, a unit of UniCredito Italiano SpA.