St. Francis College, Brooklyn, N.Y., restructured its $78 million...

St. Francis College, Brooklyn, N.Y., restructured its $78 million endowment fund after a review of its investment strategy with consultant Evaluation Associates, said Dick Halverson, vice president for finance. It hired Alliance to handle $20 million in U.S. large-cap growth equities; ICAP, $17 million, U.S. large-cap value equities; Vanguard, $11 million, institutional S&P 500 index fund; and Metropolitan West, $20 million, U.S. fixed income. The endowment retained Gabelli Asset Management to run its existing $10 million small-cap to midcap U.S. equity portfolio. It terminated Merrill Lynch and Amivest, which managed $22 million and $19 million, respectively, in U.S. equities. Mr. Halverson said the endowment decided to hire managers using more specific strategies than Merrill and Amivest, which each used a blend of approaches. St. Francis also terminated Fidelity, which had managed $6 million in an S&P 500 index fund, because Vanguard offered a better price. The fixed-income portfolio being taken over by Metropolitan West was managed internally. A Fidelity spokeswoman said the firm does not comment on client activity. Officials at Merrill and Amivest did not return phone calls by press time.

St. Francis College, Brooklyn, N.Y., restructured its $78 million endowment fund after a review of its investment strategy with consultant Evaluation Associates, said Dick Halverson, vice president for finance. It hired Alliance to handle $20 million in U.S. large-cap growth equities; ICAP, $17 million, U.S. large-cap value equities; Vanguard, $11 million, institutional S&P 500 index fund; and Metropolitan West, $20 million, U.S. fixed income. The endowment retained Gabelli Asset Management to run its existing $10 million small-cap to midcap U.S. equity portfolio. It terminated Merrill Lynch and Amivest, which managed $22 million and $19 million, respectively, in U.S. equities. Mr. Halverson said the endowment decided to hire managers using more specific strategies than Merrill and Amivest, which each used a blend of approaches. St. Francis also terminated Fidelity, which had managed $6 million in an S&P 500 index fund, because Vanguard offered a better price. The fixed-income portfolio being taken over by Metropolitan West was managed internally. A Fidelity spokeswoman said the firm does not comment on client activity. Officials at Merrill and Amivest did not return phone calls by press time.