SEARCHES & HIRINGS
St. Louis University endowment fund increased its equity allocation to 80% of the fund, and is conducting a search to fulfill a new $60 million allocation, said Jerry Woodham, treasurer for the more than $500 million endowment. The fund now has an 80% equity/20% bond asset allocation, up from its previous 70%/30% split, Mr. Woodham said. Endowment officials have begun interviewing both value and growth small-cap managers for the assignment, and hope to make a decision before the end of the year.
The fund also decided to keep more than $25 million of endowment and other assets invested in bonds with Boatmen's Capital.
Texas Permanent School Fund, Austin, outsourced about $2.5 billion to external managers. Loomis, Sayles; Barrow, Hanley, Mewhinney & Strauss; and J&W Seligman will oversee a combined $800 million in small-cap and midcap equities for the $16 billion fund. Oaktree Capital; Salomon Brothers; and MacKay-Shields split $800 million in high-yield bonds. First Quadrant; Davis, Hamilton, Jackson; and Columbia Partners will divide $900 million in large-cap equity.
Dean Murray, executive administrator, said funds were reallocated from internally managed assets. He declined to specify the exact amount each manager would run.
Horizon Health Systems, Southfield, Mich., hired Portfolio Analytics as its first consultant to do performance monitoring for its $83 million defined benefit plan.
The firm possibly will do an asset allocation in the future, but is not expected to start such a project right away, said Richard Muszynski, director of finance.
Minnesota State Board of Investment, St. Paul, will retain its incumbent consultant, Richards & Tierney, for the next five years, following a review of the $37 billion fund's options.
The fund conducted a search because its contract with the firm was expiring, said Howard J. Bicker, executive director.
Children's Memorial Medical Center, Chicago, hired John A. Levin for its $340 million endowment fund, said Paula Noble, assistant treasurer. It will be assigned $60 million for a value equity portfolio. Funding will come from a manager with a similar style that was dropped. She declined to identify the manager. J.H. Ellwood assisted.
CORRECTION: Paula Meyer, the new president of Piper Capital Management, had been senior vice president and director of marketing, a role she retains. Yesterday's P&I Daily misstated her role at the firm
