U. Vermont Picks Canyon, Owl Creek

Jan 20 2011 | 2:54am ET

The University of Vermont’s endowment has added a pair of hedge fund managers to its portfolio.

The school’s board of trustees approved the hires of Canyon Capital Advisors and Owl Creek Asset Management last month, HFMWeek reports. Each firm received $5 million, beating out Mason Capital Management for the mandate.

The $288 million endowment decided to add the two hedge funds after consultant Cambridge Associates recommended a more diversified hedge fund portfolio.

Both mandates will be funded from the endowment’s equities portfolio.

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