The $36 billion Victorian Funds Management Corporation (VFMC) has appointed a specialist global hedge fund advisor, I&T News understands.

I It’s understood that VFMC has appointed Aksia, a New York-headquartered hedge fund research and advisory firm, to consult on its hedge fund investments.

A spokesperson for VFMC would not confirm the appointment, but said the manager invested in absolute return funds under its allocation to ‘non-traditional assets’, which accounted for 5.5 per cent of its assets.

This portfolio generated 4.37 per cent for the first quarter of the year, outperforming 1.72 per cent gained by the UBSA Bank Bill index plus 2 per cent each year.

A spokesperson for Aksia also declined to comment on the appointment.

In Australia, the firm assists Sunsuper’s alternatives specialist, Bruce Tomlinson, in the management of the $17 billion fund’s global hedge fund program.