University of the South, Sewanee, Tenn., narrowed its search for an active global equity manager and two hedge fund managers to run undetermined amounts for its $230 million endowment, said Jerry Forster, treasurer and CFO. He said the plan is happy with its current managers and is conducting the searches for diversification; there will be no terminations. Selections are expected by the end of April. Mr. Forster would not provide further details. Cambridge Associates is assisting.