The board of Massachusetts Pension Reserves Investment Management (MassPRIM) will appoint 10 hedge fund managers in October 2011, who will manage a combined $255 million, Pensions & Investments reports. The board will also appoint another 10 managers in December 2011 to manage $245 million.

The move follows the board’s decision to withdraw nearly $500 million from MassPRIM’s $3.8 billion hedge fund-of-funds allocation for a direct hedge fund pilot program. The managers chosen will be required to have at least $500 million in a hedge fund strategy to which MassPRIM allocates money and have a three-year track record.

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