Alma College, Alma, Mich., hired LSV Asset to manage $12 million in active domestic large-cap to midcap blended value equities for its $90 million endowment plan, said Jerry Scoby, vice president for finance and administration. Funding came from reducing an active domestic large-cap growth equity portfolio managed by Neuberger Berman by $15 million, to $35 million, and trimming the American Funds EuroPacific Fund to $6 million, from $9 million. The remaining $9 million will be allocated to a new passive midcap index equity fund in January; plan officials have narrowed that search to several candidates, he said.
Plan officials decided to make the changes for diversification, he said. The plan's asset allocation is 65% equity and 35% fixed income. It did not use a consultant.
