Santa Barbara Pension Dumps Arden Fund Of Funds

Apr 16 2010 | 12:03pm ET

The Santa Barbara County (Calif.) Employees’ Retirement System has canned its only hedge fund manager and will seek a new fund of hedge funds manager after its investment is liquidated this summer.

The $1.7 billion public pension fund is bidding farewell to Arden Asset Management, which manages a $30 million fund of funds mandate for SBCERS. One of the plans trustees, Donald Kendig, told HFMWeek that it wants to hire a firm with a “broader and more diversified product” than Arden.

“Arden has another broader product, but we wanted to take it to the market again and chose not to invest with them,” Kendig said.

SBCERS will begin its search for a new fund of fund managers after its Arden investment is returned in June.

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