Wednesday, 2 September 2015
Last updated 12 hours ago
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.
May 27 2015 | 2:15pm ET
Support Hedge Funds Care, also known as Help For Children (HFC), by participating in this year's raffle. All proceeds go to support HFC's mission of preventing and treating child abuse. Read more…