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. Plan officials also wanted diversification, he said. The endowments asset allocation is 41% domestic equity, 21% fixed income, 19% alternatives, 16% international equity and 3% cash.
Separately, the institutes $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 plans fixed-income allocation by four percentage points, and active domestic large-cap value equities by nine percentage points, to 25% of total assets. The plans current asset allocation is 47% domestic equity, 32% fixed income, 14% international equity and 7% alternatives.
Salomon Smith Barney advised.