Arden Wins Mass. Hedge-Fund Consulting Role

May 22 2014 | 10:28am ET

Massachusetts’ main public pension fund is sticking with Arden Asset Management.

The firm is expected to be tapped as the Massachusetts Pension Reserves Investment Management Board’s hedge fund adviser, it said yesterday. The mandate is expected to be finalized by the $58 billion pension’s board next month.

Arden has managed MassPRIM’s transition from fund of hedge funds to direct hedge fund investments for the past two years. The firm was previously a fund of funds manager for the pension.

In its new role, Arden will succeed Cliffwater, whose three-year contract expires this year. It will not manage any money itself, merely serving as a consultant on potential hedge fund investments.

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