Big retail fund REST has awarded a $100 million fund of hedge funds mandate.

The appointment was announced in late April and will see the IXIS mandate managed by affiliate Harris Alternatives via the Harris Alternatives Aurora Hedged Equity Offshore Fund.

REST executive director said the fund was looking to complement its portfolio with an absolute return investment product and had been attracted to the lower volatility and diversity associated with fund of hedge funds.

The mandate will see an investment in the Harris Alternatives Aurora Hedged Equity Offshore Fund, which seeks to achieve long-term capital appreciation through the use of a multi-manager, single strategy investment approach, focusing on global long/short managers.