Fairfield, Conn., Hires 'Conservative' Diversified Global

Jul 24 2012 | 11:14am ET

A Connecticut town has entrusted about 5% of its assets to a "conservative" fund of hedge funds.

The Fairfield Joint Retirement Investment Board awarded the $15 million mandate to Diversified Global Asset Management. The firm beat out Blackstone Alternative Asset Management and Lighthouse Investment Partners for the "conservative absolute-return mandate," Pensions & Investments reports.

Callan Associates, the $292 million pension's consultant, assisted with the search.

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