The $3.1 billion State-Boston Retirement System has dropped Arden Asset Management, Pensions & Investments reports. Arden managed $55 million in a hedge fund of funds for the system, which expects to get its money from Arden around July. The move comes as officials raise concerns over Arden’s recent staff turnover and whether its team has kept true to their investment process over time. The Arden portfolio has nearly 2% of State-Boston’s total assets and 20% of the system’s target 9% allocation to hedge funds of funds.
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