MetLife to Cut Hedge Fund Allocation After `Weak’ Performance

Bad hedge funds news from a major insurer with cold feet.

(Bloomberg) — MetLife Inc., the largest U.S. life insurer, said it is cutting back hedge fund investments after weak results from the holdings in the first quarter.

Our allocation to hedge funds is approximately 40 basis points of total portfolio and we plan to further reduce our exposure, Chief Financial Officer John Hele said Thursday in a conference call discussing results at the New York-based insurer.