Universities Superannuation Scheme (USS), the second-largest private sector pension fund in the UK, has set itself an ambitious target to allocate at least 20% of its £25–£30 billion in assets to alternatives. Of this allocation, around a quarter of the money will go directly into hedge funds.
The task of carrying out this plan falls to chief investment officer Roger Gray and head of alternative assets, Michael Powell. Gray, who joined USS in September 2009, says the strategy shift was decided b
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