Boyce Thompson Institute for Plant Research, Ithaca, N.Y., hired two managers for its $70 million endowment: North Road will manage $4 million in active international large-cap value equities, and Tweedy, Browne will run a $5 million passive MSCI EAFE fund, said John M. Dentes, treasurer. Funding came from terminating Lazard Freres due to personnel changes; it ran $9 million in active global large-cap value equities, Mr. Dentes said.
Separately, the institute's $15 million defined benefit plan hired Private Capital Management to run $3 million in active domestic small-cap value equities and North Road to run $2 million in active international large-cap value equities, Mr. Dentes said. It also committed $1 million to a hedge fund run by Pine Grove. Partial funding came from dropping Lazard Freres' $3 million active global large-cap value equity portfolio; the remainder came from reducing the plan's fixed-income allocation by four percentage points, and active domestic large-cap value equities by nine percentage points, to 25% of total assets.
Salomon Smith Barney advised.