Carleton College, Northfield, Minn., plans to hire 12 to 14 active domestic equity managers for its $450 million endowment, said Barbara Johnson, vice president and treasurer. In May, the endowment interviewed seven growth managers, including two current managers, and officials will meet with seven value managers in July, including two incumbents. Hires are expected by Aug. 1, when portfolio sizes will also be determined, Ms. Johnson said. She declined to name finalists or incumbents. Cambridge Associates is assisting.
Endowment officials want to maintain close to its current number of 13 domestic equity managers even though they're cutting the domestic equity allocation to 50% of total assets, from 60%, following an asset allocation study last summer by consultant Cambridge Associates. New domestic equity portfolios will likely be smaller in size, Ms. Johnson said, although terminations are still possible.
The endowment's target allocation is 50% domestic equity, 20% non-traditional equity, 20% fixed income and 10% international equity.