Arden Hired To Wean Mass. Off Funds Of Funds

May 11 2012 | 11:57am ET

Arden Asset Management may be losing its mandate to manage a fund of hedge funds portfolio for Massachusetts' main public pension fund, but it has gotten a parting gift.

Arden was chosen to serve as the Massachusetts Pension Reserves Investment Management Board's transition manager. MassPRIM voted last month to move some $2.7 billion from its fund of funds program to direct hedge fund investments. While one of its funds of funds, Pacific Alternative Asset Management Co., will hold on to its $750 million mandate, the pension's four other fund of funds managers, including Arden, were told they'd be terminated.

New York-based Arden is still being terminated as a fund of funds manager. But unlike Grosvenor Capital Management, K2 Advisors and Rock Creek Group, it's got a new job, helping MassPRIM make it and its fellow funds of funds redundant. The process is expected to be completed by the middle of 2014.

"We have engaged Arden and they are in the process of transitioning the money," Stanley Mavromates, MassPRIM chief investment officer, said.


In Depth

GSAM’s Papagiannis on Liquid Alternatives

May 25 2016 | 5:07pm ET

The popularity of liquid alternatives strategies has blossomed in recent years,...

Lifestyle

From Modern Trader: Stephen Curry is a Black Swan

May 18 2016 | 7:43pm ET

What do the rise of the Internet, the sinking of the Titanic, 9/11, and Stephen...

Guest Contributor

LendingClub and the Question of Internal Hedge Funds

May 19 2016 | 8:42pm ET

Peer-to-peer lending platform LendingClub Corp. has been in the news since the firm...