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.

Arden strategy in fund of fund programs typically involves the use of between 12 to 15 different managers, nearly half of which use multiple investment strategies. “Arden’s primary investment objective is to achieve high investment returns on a consistent basis with very low correlation to the stock and bond markets,” said Henry Davis, managing director with Arden, in a statement.

Phoenix Investment Partners is a wholly owned subsidiary of Phoenix Home Life Insurance Company of Hartford, Conn. As of March 31, Phoenix Investment Partners had $51.2 billion in assets under management.

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