Arden Asset Management has expanded its offerings of customized hedge fund solutions via an alternative mutual fund. The firm has teamed up with Fidelity Investments to offer the Arden Alternative Strategies Fund, which will provide clients of the Fidelity Portfolio Advisory Service access to professionally-managed hedge-fund strategies.

The $700 million seeks capital appreciation via a relatively low correlation to the major equity and fixed income markets in a daily liquidity format.

"We're particularly gratified by the high quality of the underlying investment managers in the program and their recognition of the importance of this opportunity as a way to participate in secular growth in self directed retirement assets," said managing director Henry Davis, who led the mutual fund initiative, in a press statement.

"There is a growing need for access to alternative investment products, particularly in the defined contribution area. We are thrilled to offer diversified, alternative investment strategies through our innovative daily liquidity product," added president and chief executive officer Averell Mortimer.

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