Verizon Communications Inc., Stamford, Conn., added four managers to its diversity managers program and increased the program’s assets to $785 million from $450 million, said Britt Harris, president of Verizon Investment Management, which manages the $45 billion defined benefit plan of Verizon.
The four new managers are EARNEST Partners, which will manage a U.S. core equity fund with a value tilt; Piedra Capital, which will manage a small-cap to midcap value strategy; and Utendahl Capital Management and Taplin, Canida & Habacht, each of which will manage high-grade U.S. bonds. Verizon also is increasing the amount managed by existing minority manager Ariel Capital. Mr. Harris declined to say how much each new manager was awarded or how much Ariel will manage.
There are now 19 minority managers in the program, Mr. Harris said. The additional $335 million committed to the program will come from other managers, which he declined to name.
