Art Institute of Chicago hired two balanced managers for its $380 million pooled endowment fund.
Holland Capital will manage $5 million and Montag & Caldwell will manage $13 million. The funding comes from the termination of Chicago Trust Co., which managed $30 million in a balanced portfolio.
Bob Mars, executive vice president-administrative affairs, would not comment on the firm's termination, but said the rest went to existing hedge fund managers.
William T. Kennedy Associates assisted.
Connecticut Higher Education Trust, Hartford, hired four managers to run the $1.5 million in assets accrued so far in the new college pre-paid savings plan.
Hired were: Aeltus as an S&P 500 enhanced index manager; Lazard Freres as a small-cap core manager; Montgomery Asset Management as an international core equity manager; and J.P. Morgan as a domestic long- and short-term bond manager.
No set mandates are in place because the asset mix for each participant's account will vary depending on the child's age. Fund administrator Collegiate Capital assisted.