SEARCHES & HIRINGS
Hershey Foods Corp., Hershey, Pa., hired Frank Russell to manage $201 million in three Russell multimanager funds. Hershey, which has about $550 million in defined benefit plan assets, allocated $43.3 million to Russell's fixed-income fund, $50 million to the small-cap fund and $108 million to the large-cap fund. Hershey officials declined to provide more information.
New York University's $900 million endowment committed $25 million to Odyssey Investment Partners, a buyout fund, said Maurice Maertens, CIO of NYU's endowment. Odyssey Partners sponsors the partnership, which intends to raise $600 million.
New Mexico Public Employees' Retirement Association, Santa Fe, hired Brinson Partners and Sanford Bernstein as large-cap value managers to manage $450 million each. The firms replace Smith Barney, which was also included in the $5.8 billion fund's search. Wilshire assisted.
Texas Tech University endowment fund, Lubbock, Texas, with $169 million in assets, hired two small-cap core equity managers and its first international equity manager. Hired were: Alex Brown and Becker Capital to split a 15% small-cap allocation and Hansberger Global to manage a 15% foreign stock allocation. The money had been run in an in-house U.S. bond portfolio.
Fund Evaluation Group assisted.
