Man Group unit wins mandate from $2.2 bln Clwyd Pension Fund

LONDON, Nov 4 (Reuters) - British hedge fund Man Group (LSE: EMG.L - news) said on Wednesday its FRM unit had been appointed by the 1.4 billion pounds ($2.16 billion) Clwyd Pension Fund to manage its hedge fund investments.

The pension fund has 9 percent of its assets allocated to hedge funds and managed futures, a statement by Man (Swiss: MAN.SW - news) said, which would mean assets of around 126 million pounds.

The money will be managed by FRM, Man Group's fund-of-hedge-fund subsidiary, in its managed account-based Local Government Pension Scheme platform, it said.

The management fees charged by Man come down as total assets invested on the LGPS platform rise. The allocation by Clwyd follows one by the Cornwall Pension Fund in January.

"Man FRM's managed account solution provides our Fund with ownership of the hedge fund investments, but also allows for high levels of transparency of the underlying holdings, a factor which is not always available through the traditional fund of funds offering," said Clwyd Pension Fund in a statement.

($1 = 0.6485 pounds) (Reporting by Simon Jessop; editing by Carolyn Cohn)