Purdue University Endowment, West Lafayette, Ind., hired Fred Alger Management to run $57 million in its capital appreciation strategy, which focuses on large-cap growth equities, Scott Seidle, chief investment officer at the $2.04 billion endowment, said in an e-mail.
Funding came from the termination of Wellington Management, which ran the assets in an opportunistic growth equity strategy. Mr Seidle said the termination was because of underperformance.
The hiring follows a shortlist search by the endowment. “Fred Alger's investment process was clear and specific and was the best fit for the endowment's large-cap growth mandate,” Mr. Seidle wrote.
Anne Mahoney, Wellington spokeswoman, said the firm does not comment on client matters.