Hartford HealthCare, Hartford, Conn., invested $33 million in a new macro hedge fund from State Street Global Advisors, said David J. Holmgren, chief investment officer.
The allocation is part of the company building a direct hedge fund program to stabilize its growth assets. Hedge fund consultant Aksia assisted.
“Our direct hedge fund program is, therefore, a risk reduction allocation, which we are actively growing as our performance continues to necessitate the increased allocation,” Mr. Holmgren said in an e-mail.
Mr. Holmgren added: “The new fund from SSgA has the sustainable team and (is) extremely well-aligned with our risk targeting framework.” Hartford HealthCare has $3 billion in pension, endowment and insurance assets.
Hartford HealthCare benchmarks its hedge fund program at an 8% return.