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Shropshire Pension Fund Drops Man Investment Citing Performance

The Shropshire County Pension Fund, a 1.3 billion-pound ($2 billion) British local-government pension plan, pulled an investment with Man Group Plc, citing the hedge fund’s fees and poor performance.

The fund terminated an investment with Man Group’s FRM Holdings Ltd. and will next month invest 63 million pounds in Brevan Howard Asset Management LLP’s multi-strategy fund, Justin Bridges, Shropshire’s head of treasury and pensions, said by telephone from Shrewsbury, England. The fund invests in other pools overseen by Brevan Howard.