Sisters of Charity of St. Augustine (CSA) Health System, Cleveland, hired Thomson Horstmann & Bryant to manage in excess of $12 million in small-cap value equity for its foundation.
The manager was the last of 10 core managers to be hired by officials for the $260 million fund. Funding will come from the consolidation of four regional foundations' cash assets. Mercer assisted.
More asset classes may be added later in the year, depending on what the board decides, said John Faulstich, senior vice president for finance. Those additional classes probably would be in fixed income. It is not known if new managers will be hired for any new mandates, he added.
The Flinn Foundation, Phoenix, hired Seigler & Collery to manage $4 million in its SC Fundamental Value Fund, a hedge fund. The hire has brought the $160 million fund close to its target allocation to alternative investments, said Don Snyder, executive director. The funding will come from cash. Cambridge Associates assisted.