Vermont Tobacco Trust Fund, with $17 million in assets, and the Vermont Higher Education Trust Fund, with $6 million, have picked Prentiss Smith, Hanson Investment Management and NL Capital Management as finalists in their first search for separate money managers, said James H. Douglas, state treasurer. Both funds are in Montpelier.
Because the state wants a relatively steady 7% rate of return from the tobacco fund each year, Mr. Douglas anticipates the money will be invested primarily in fixed income to start. Mr. Douglas hopes to select managers for both funds before July 1.
