Longwood College Foundation, Farmville, Va., outsourced 99% of its $25 million endowment to manager of managers Frank Russell. The foundation’s investment committee will work with Russell staff on asset allocation, said Darlene Selz, CFO and treasurer.
Mangum Associates was the foundation’s consultant. Alliance Bernstein managed large-cap equities; Grantham, Mayo Van Otterloo, international equities; Mentor Investment Group, a balanced portfolio; and Commonfund, fixed income. Further details were not available.
Commonfund continues to manage 1% of the fund’s assets in short-term fixed income, Ms. Selz said.