Michael Travaglini Hedge Fund
Michael Travaglini Leaving Mass. State Fund for Hedge FundMichael 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