Allegheny College, Meadville, Pa., hired Global Asset Management and Delaware Investment Advisers to run $5 million each in international equities for the $111 million endowment. The hirings followed the termination of Harding, Loevner Management which ran an $11 million international equity portfolio for performance reasons, said Randy Freeborn, vice president of administrative services.
Mr. Freeborn said Global Asset will take a growth approach and Delaware, value. Funding comes from the terminated Harding mandate; the allocation for the remaining $1 million is undetermined.
David Merrill, a Harding, Loevner spokesman, declined to comment. Cambridge Associates assisted.