Massachusetts Pension Reserves Investment Management Board, Boston, recently ended discussions with Silver Creek Partners, which was one of five hedge fund-of-funds firms the $32.7 billion system selected in April. Issues over Silver Creek's fee structure couldn't be resolved, said Karen E. Sharma, deputy state treasurer and director of communications for state Treasurer Timothy P. Cahill. The five firms were to run $325 million each; the others are Ivy Asset Management, Arden Asset Management, K2 Advisors and Pacific Alternative Asset Management. Allocations to Ivy and Arden have been funded, she said; discussions with K2 and PAAMCO are "moving forward."
MassPRIM officials are discussing whether to seek another firm to replace Silver Creek, Ms. Sharma said.