Cornell University endowment, Ithaca, N.Y., is looking for a second domestic large-cap growth manager, said James Clarke associate treasurer for investments at Cornell.
The search is in the early stage, he said. The investment committee is working with Cambridge Associates to narrow the list of managers. Selection is expected in three or four months. The size of the portfolio has not been determined.
The $1.9 billion endowment currently has one domestic large-cap growth manager. Mr. Clarke declined to name the firm.
Assets will come from existing value managers, but none will be terminated. The portfolio is too heavy in value and the move to hire a large-cap growth manager will help balance the equity portfolio, Mr. Clarke said.
The Philadelphia Municipal Pension Fund picked Provident Investment as a large-cap value equity manager and Rittenhouse Financial and Brown Capital Management as large-cap growth equity managers, said Joseph J. Herkness, executive director of the $2.8 billion fund.
The new managers replace Sirach Capital, which was terminated last year; Atalanta/Sosnoff, which was terminated recently; and a third large-cap manager that was unidentified.
Money to finance the new managers will come from the terminated managers and from rebalancing. The three managers will get $50 million to $85 million each, Mr. Herkness said.
The fund's domestic equity exposure fell to 30.9% in September from 46.4% in March, Mr. Herkness noted.