Massachusetts Pension Reserves Investment Management Board, Boston, hired hedge fund-of-funds managers Arden Asset Management, Ivy Asset Management, K2 Advisors, Silver Creek and Pacific Alternative Asset Management to run $325 million each. The hirings are pending contract negotiations; Stan Mavromates, deputy CIO, said the board hopes to have all of the contracts negotiated by July 1. The $32.7 billion plan's hedge fund-of-funds allocation is 5% of total assets.
Separately, the system will continue to extend its contract with longtime consultant Wilshire Associates, but on a month-to-month basis, because of questions about the firm's trading activities and organizational issues. Michael Travaglini, Mass PRIM executive director, said fund officials feel no urgency to make a change.