The University of Vermont and State Agricultural College’s board of trustees has appointed two new hedge fund managers to diversify its endowment fund, HFMWeek reports. The board’s investment sub-committee will allocate $5 million each to Canyon Capital Advisors Balanced Fund and Owl Creek Asset Management.
The $288 million endowment’s equity portfolio will be reduced to fund the new mandates. The university’s investment consultant, Cambridge Associates, had recommended that the endowment’s board pursue a multi-strategy approach for the fund’s portfolio.
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