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Mass PRIM hires new director

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Michael Trotsky will join the $40 billion Massachusetts Pension Reserve Investment Board as executive director next week.

Trotsky replaces Mike Travaglini, who joined Grosvenor Capital Management after six years at the helm of the Mass PRIM board.

Grosvenor was hired four years ago to manage $570 million as part of the pension fund’s portable-alpha programme. At the height of the pension’s hedge fund portfolio, an 11% allocation was distributed among 11 fund of hedge fund firms. Last year the portfolio was trimmed and the target allocation to hedge funds was lowered.

Previously, Trotsky was executive director of the Massachusetts