Fairfield, Conn., hires hedge fund of funds

Fairfield (Conn.) Joint Retirement Investment Board hired Diversified Global Asset Management to run $15 million in a hedge fund of funds, according to recently released minutes of the board's July 17 meeting.

Blackstone Alternative Asset Management and Lighthouse Investment Partners were also finalists. Investment consultant Callan Associates assisted.

The board of the $292 million plan selected DGAM for its tail-risk hedging and noted its fund was “designed to fill a conservative absolute-return mandate,” according to the minutes.

Separately, the board will next look at hiring a core fixed-income manager, according to the minutes. Callan will bring in semifinalist candidates at the August board meeting. No further information was provided.

Paul Hiller, chief fiscal officer, did not return a telephone call for additional information.