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Michael Travaglini Hedge Fund

By Richard Wilson on 05/31/2010 – 9:54 pm PDTLeave a Comment

Michael Travaglini Hedge Fund

Michael Travaglini Leaving Mass. State Fund for Hedge Fund

There has been a lot of focus on the relationships between state pension and endowment funds and investment funds.  As a result of New York Attorney General Andrew Cuomo’s investigation into the connection between state pension funds and hedge funds and private equity, many states have changed their policies of using placement agents.  Now, the executive director of Massachusetts’s $44 billion state pension fund has left to work for a hedge fund.  Michael Travaglini will start work in July as a managing director for Grosvenor Capital Management LP.

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.

When Travaglini, a trained lawyer, arrived from Boston-based asset manager Putnam Investments in 2004, the state fund had $32 billion in assets.

State Treasurer Timothy Cahill, who chairs the Pension Reserves Investment Board, praised Travaglini for guiding the pension fund through the financial crisis.  Source

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