Complexity and returns behind PFZW decision to ditch hedge funds

Industry experts highlight governance costs, scale, manager selection and fees as the top pull-out factors for pension funds dropping hedge funds


Dutch healthcare workers’ pension fund Pensioenfonds Zorg en Welzijn (PFZW) intends to place greater emphasis on controllability and intelligibility, also citing concerns over costs and sustainability, as it withdraws investment in hedge funds.

This month it announced it is no longer investing in hedge funds. At the time, PFZW, which had €137.3 billion of assets under management at the end of 2013, said: “A complex investment category like hedge funds, which encompasses such diverse strategies

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