North Central College, Naperville, Ill., hired seven managers for its $50 million endowment fund, said Paul Loscheider, vice president for business affairs. They are: Vanguard and Sands Capital, which will run a total of $19 million in domestic large-cap equities, along with existing manager ICAP; Brown Capital and Morgan Stanley, $11 million total in domestic small-cap equities; American Fund, $5 million in international equities; Newgate, $2.5 million in emerging markets equities; and CMC, $5 million in high-yield fixed income, Mr. Loscheider said. He would not provide additional details.
Existing manager PIMCO now handles $2.5 million in intermediate fixed income and TIPS; and Delaware Investments, also an existing manager, now runs $5 million in a REIT.
Mr. Loscheider declined to detail the funding source, although he said several managers were terminated for performance, and PIMCO, ICAP and Delaware had their mandates adjusted.