There’s a fund-of-funds contest unfolding in Danvers, Massachusetts. The Essex Regional Retirement Board, citing poor returns, is pulling half of the $30 million it invested in a state-run portfolio. The board, which controls $272.5 million, will choose a fund of hedge funds in September in which to invest that $15 million and then — after one year — consider allocating the entire $30 million to whichever of the two funds has done best.
