Wortham Foundation, Houston, hired three domestic small-cap equity managers and two international managers to diversify its portfolio. Dreyfus, Baron Investment Management and Texas Commerce Bank will handle $6 million each in small-cap equities.
The $190 million foundation also allocated $5 million to Brandes Partners and $15 million to Morgan Stanley for non-U.S. equities. Assets will come from the bond portion of the portfolio run by balanced manager Vaughn, Nelson, which will continue to run the remainder of the fund. Compstock and Co. assisted.