Arden Asset Management, a New York-based global fund of funds advisor with more than $1.7 billion in assets under management, has been tapped by Phoenix Investment Partners to run a hedge fund of funds program, Arden announced today.

Under the agreement, Arden will put together two programs, an offshore and domestic hedge fund of funds that will be marketed to high net worth and institutional clients. Arden will select the managers for each fund, which will utilize short-term trading strategies designed to seek absolute returns. The Phoenix-Arden funds will be offered sometime in the next few months, according to Arden.

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