University of Richmond (Va.) shifted about 3% of its $750 million in assets to multievent arbitrage hedge fund managers, taking the money from macro-style managers, said Louis Moelchert, vice president for investments. The move slightly increased Richmonds exposure to hedge fund managers, he said. "I just think these are good strategies over a long period of time, Mr. Moelchert said. He declined to name the managers hired or managers that gave up assets, adding that none was terminated. Richmond has 15% of its assets in hedge funds as part of a 40% allocation to alternatives, Mr. Moelchert said.