Wilshire Asset Management plans to spin off a new investment management boutique in the first quarter of 2002 that will focus on private markets and fund-of-funds investment management. The spinoff, as yet unnamed, will be run by four Wilshire executives: Tom Stevens, senior managing director; Hal Reynolds, managing director; Dave Borger, managing director; and Stuart Matsuda, vice president. The new firm will have more than $1.7 billion in assets, primarily from Wilshire Assets quantitative "dynamic alpha equity portfolios.
Wilshire Asset has $9 billion in assets, mostly indexed. It will continue to manage the Wilshire index portfolios, which include the Wilshire Target Funds.