When it comes to making significant changes to their allocations, some pension funds are still waiting for clearer signs that markets have normalized before making greater commitments to hedge funds. Both Aon Master Trust, a NZ$99 million (US$67 million) defined contribution scheme in New Zealand, and Flintshire County Council Clwyd Pension Fund, a $1 billion public pension fund in Wales, are hunkering down and preparing to wait.
Greg Lee, the actuary and investment consultant of Aon Master Trust in Auckland,...