University of Pittsburgh Medical Center hired Baron Capital Management and Axe-Houghton as its first small-cap managers, said Mary Baldwin, financial analyst.
Baron will run $6 million in small-cap value; Axe-Houghton, $10 million in small-cap growth. Assets came from cash flow. The medical center's assets came from what Ms. Baldwin called the ``board-designated account of the hospital,'' including an endowment and a funded depreciation pool. She wouldn't give the size of the account.