To some, hedge fund managers have traditionally been the antithesis of a pension fund trustee. Images from the 1980s of young men with flash cars and devil-may-care attitudes did little to endear them to the long-term, steady scheme investor.

Pension funds have been the most conservative investors in modern markets, with a fiduciary responsibility to provide members with a decent retirement income by managing risk, obtaining low fees and producing just enough return to meet liability payments.