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.