Boston's municipal public pension plan is looking for a new fund of hedge funds manager to succeed Arden Asset Management.
State-Boston Retirement System has issued a request for proposals seeking one or more managers to run as much as $60 million for the $4.7 billion pension. The manager or managers would replace Arden, which was terminated in March due to personnel changes and other concerns.
Interested funds of funds must have a minimum of $600 million in assets under management, more than half of which should come from public pension funds outside of Massachusetts. State-Boston also requires a three-year audited track record and disclosure of underlying managers, and forbids the use of leverage.
Proposals are due on June 30. The RFP is available on consultant NEPC's Web site.