Henry Davis, president of Arden Asset Management in New York, is leading the $11.8 billion alternative-asset management firm into uncharted waters. Arden started in 1993 as a fund-of-hedge-funds firm, but it is adapting to a changing world as investors grow more sophisticated and go directly to hedge funds. It has been among the first fund-of-funds firms to take on a consulting role. Arden used to invest in hedge funds for the Massachusetts Pension Reserves Investment Management Board, but in 2012 MassPRIM’s board of directors elected to invest directly in hedge funds. This summer the two parties agreed to a deal in which MassPRIM will retain Arden as a hedge fund consultant. Two years ago Arden launched its first liquid alternatives fund, and now manages some $1.26 billion in multi-manager liquid alternatives. Arden spoke with Alpha about moving on from the old fund-of-funds model.
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