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

Whisky Business: The Ultimate Liquid Alternative Investment

Sep 15 2014 | 7:02am ET

David Robertson knows his single-malt whisky—he was the Master Distiller at the...

Lifestyle

Hedgies Rock Out For Children's Charity

Sep 15 2014 | 8:40am ET

It's that time of year again—when hedgies trade in their spreadsheets for guitars...

Guest Contributor

The Cult of Loss Aversion: A Call to Rethink Risk in Global Macro Investing

Sep 4 2014 | 5:45am ET

In the wake of a traumatic loss, whether it is financial or personal, it is just...

 

Editor's Note

    Get A Sneak Peak Of The Alpha Pages

    Aug 25 2014 | 11:21am ET

    As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…

 

Futures Magazine

July/August 2014 Cover

In search of the ‘new normal’ at the Fed

The Federal Reserve keeps baby-stepping toward a “normalization” of monetary policy. But just what is normal?

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.