Reuters | The executive director of Massachusetts’ $44 billion state pension fund,
one of the first to make big bets on hedge funds, is resigning and
moving to a Chicago-based asset management firm.
Michael Travaglini, 47, who has headed the state fund for six years,
will join Grosvenor Capital Management LP in July as a managing
director. He will market the firm’s portfolios to public pension funds.
Grosvenor, a fund of hedge funds firm that helps select a portfolio of
hedge funds for clients, is one of a handful that Massachusetts uses to
make its bets in the loosely regulated $1.6 trillion hedge fund
industry. Hedge fund investments have significantly boosted the state
fund’s returns over the last few years.
