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Hedge fund firm rehired by state for pension advice

The Boston Globe – As the Massachusetts state pension fund overhauls the way it invests in hedge funds, it has rehired a money management firm the fund once dropped — this time only to offer advice about funds run by others.

The state’s Pension Reserves Investment Trust has tapped Arden Asset Management of New York as its new hedge fund consultant. Arden, which manages $6.3 billion by investing money in other hedge funds, was one of many firms ensnared in the Bernard Madoff scandal. The Madoff bankruptcy trustee sued Arden to recover $43.4 million in a case that remains unresolved.

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