Concordia College, Moorhead, Minn., will search for an active domestic small-cap blended equity manager to run $7 million to $10 million for the $65 million endowment, said Mark Lillehaughen, controller.
No RFPs will be issued, he said; endowment officials will meet with DeMarche Associates, the plan's consultant, at the end of February to select up to four managers for interviews.
Funding for the new mandate would come from a $7 million to $10 million portfolio handled in a similar style by a manager that Mr. Lillehaughen declined to identify. He said plan officials are conducting the search because of personnel changes at the management firm. The current manager might be considered for an interview, he said. The endowment's current allocation is 65% equity and 35% fixed income.