Memorial Sloan-Kettering Cancer Center, New York, committed to alternative investment managers for its $1.5 billion general fund. Hired were: Emerald Partners and Feirstein Partners, for $10 million each in U.S. equity hedge funds; Davidson Kempner, $15 million in an M&A arbitrage fund; Contrarian Capital, $10 million in distressed securities; Sofaer Capital, $15 million in a global hedge fund; and Omega Institutional, $10 million in a global macrohedge fund.
Assets for the new allocation came from U.S. equity managers; none was terminated. Cambridge Associates assisted.
Missouri Local Government Employees Retirement System, Jefferson City, replaced two money managers with firms started by members who left the incumbent firms.
Chartwell Investment Partners was hired to run $330 million in U.S. equity previously run by Delaware Investment Advisers. Rockwood Capital Advisers will get $100 million in U.S. bonds previously run by Boatmen's Trust. Delaware and Boatmen's were terminated after the departures of the teams who managed the portfolios for the $1.5 billion fund.
Staffers from Delaware formed Chartwell; the staffers who left Boatmen's formed Rockwood. Summit Strategies assisted. Fingerhut Corp., Minneapolis, hired Galliard Capital Management for a $66 million stable value pooled fund for its $200 million defined contribution plan, a spokesman said.
Galliard was brought in to consolidate various GICs.