PNM Resources Inc., Albuquerque, N.M., hired Quellos Group and Grosvenor Capital to run $20 million each in hedge funds of funds, said Ed Jeung, director of trusts and corporate investments. The $415 million pension plan will partly fund the commitments by rebalancing its domestic equity portfolios, Mr. Jeung said. Additional funding will come from the plan's investment in a Hancock Timber fund, which is expected to close next year, he said; he could not provide further details. Financial Risk Management also was a finalist in the search. Watson Wyatt Investment Consulting assisted.