The Burroughs Wellcome Fund, Durham, N.C., may start searching for an additional international equity manager in the new year, said Scott Schoedler, vice president of finance of the $462 million foundation. The search, to be conducted in-house, may begin in late February and would be completed by April. An in-house asset allocation study completed last month suggested the fund decrease its emphasis in U.S. large-cap equity and add another international equity manager. The new allocation moved 7% of total assets from large-cap equity to international equity. It has not been determined how much the new manager would receive. No managers will be terminated, Mr. Schoedler said.
The new asset mix is 40% large-cap U.S. equity, 13% small-cap U.S. equity, 23% international equity, 21% U.S. bonds and 3% cash.