Wallace Global Fund, Washington, hired Dreyfus Investment Advisors to manage $30 million in a new Eco-Enhanced Index Management strategy, said Catherine Cameron, executive director for the $120 million foundation.
Dreyfus designed the new strategy with the help of sister company Mellon Capital. Paul Hilton, portfolio manager, will weight companies within the S&P 500 index according to their environmental performance. Companies with strong environmental records will be overweighted and those with poor records within specific sectors will be underweighted or eliminated.
Mr. Hilton uses environmental ranking scores from Innovest Strategic Value Advisors.
The new strategy will be available to other institutional investors in separate accounts and commingled funds in February.
