Hood College, Frederick, Md., is searching for its first S&P 500 index...

Hood College, Frederick, Md., is searching for its first S&P 500 index fund manager; has narrowed a search for its first large-cap value U.S. equity manager to four finalists; and expects to begin a search for its first international equity manager by June, said Tom Berger, vice president of finance for the $75 million endowment. No RFPs were issued; instead newly hired consultant Prime Buchholz & Associates will recommend candidates. The firm replaces BT Alex. Brown. Mr. Berger, who declined to name finalists in the large-cap value search, said the new manager will run about $15 million funded from rebalancing. A decision is expected by May. Portfolio sizes and funding sources for the other hirings are undetermined. The new portfolios are intended to diversify the fund’s investments. A decision is expected by the end of the month. Separately, Wedge Capital Management was hired to replace a $10 million midcap value U.S. equity manager and Miller Anderson & Sherrerd was hired to replace a $10 million midcap growth U.S. equity manager. Mr. Berger declined to name those being replaced or the reason for their replacement.