SEARCHES & HIRINGS
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 of the portfolio 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 in the search.
Workplace Health, Safety and Compensation Commission of New Brunswick, Saint John, allocated C$14 million (U.S.$10 million) to a structured note with returns tied to managed futures, said Warren Gerow, consultant to the approximately C$600 million (U.S.$426 million) insurance fund.
The note pays a 2% coupon with principal guaranteed by Toronto Dominion Bank. Trilogy Capital Management, already a manager for a similar C$50 million structured note, will manage the futures portfolio for this note, Mr. Gerow said.
ABN AMRO is the broker for futures trades and will help monitor Trilogy's portfolios.
With the new note, the Workplace Commission will have about C$70 million (U.S.$50 million) in futures-linked investments, although the bulk of that technically is classified as fixed income, he said.
Edna McConnell Clark Foundation, New York, hired a small-cap value manager and a venture capital fund to its portfolio. Strong will manage $15 million in what is the foundation's first small-cap portfolio. The Investment Fund for Foundations will manage $5 million in venture capital.
Both mandates will be funded from existing large-cap and midcap equity portfolios that were overweighted, said Carol Glazer, vice president and COO of the $670 million foundation.
Evaluation Associates assisted.
Steven Russell, senior private equity analyst at the Pennsylvania Public School Employees' Retirement System, Harrisburg, will leave Friday to join Emerald Asset Management. He will serve as vice president and portfolio manager, a new position, focusing on small-cap growth stock.
Mr. Russell said no one has yet been named to replace him at the fund