El Pomar Foundation, Colorado Springs, Colo., hired Gardner Lewis to manage $20 million in active domestic large-cap growth equities for the $436 million foundation, said Thayer Tutt, president and CIO.
Partial funding came from terminating Nicholas-Applegate, which ran $10 million in the same style, because of performance and personnel changes, and the remainder came from cash, he said. The fund's asset allocation is 61% equity and 39% fixed income. Watershed advised.
Officials at Nicholas-Applegate did not return calls seeking comment by press time.