Drew University, Madison, N.J., in the next two months will search for an opportunistic international equity manager to run $10 million, said Jeffrey Balog, associate treasurer. Officials at the $200 million endowment have not decided whether the style will be aggressive growth or value. Funding will come from reducing fixed-income portfolios across the board; no terminations are expected, he said. If the endowment uses a consultant for the search, Callan Associates will assist, he said. The search should be finished by mid-November; further details have not been determined.
Separately, the endowment hired Capital Guardian Trust to manage $19 million in active international core equities, said Mr. Balog. Partial funding came from terminating a $9 million active international aggressive growth equity portfolio managed by Janus; the termination was for performance, he said. The balance of funding came from a $7 million temporary passive MSCI EAFE index account run by State Street Global Advisors, and the remainder came from cash, he said. Callan Associates advised. Shelley Peterson, director of public relations for Janus, did not return calls seeking comment by press time.
