(Reuters) Asset management powerhouse Pacific Alternative Asset Management Company LLC (PAAMCO) is giving institutional investors like pension funds a new way to bet on stocks with big hedge fund managers. The firm plans on Thursday to roll out PAAMCO Select, a stock portfolio whose assets are allocated to a number of hedge fund managers who will make bets on stocks for investors who are seeking more than what the average index fund can provide. The fund, housed within a unit of PAAMCO Prisma Holdings LLC, which has more than $30 billion in assets under management and advisement, is being launched at a critical time for both hedge funds and pension funds.

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