University of Rio Grande, Ohio, hired PIMCO, Private Capital Management and AEW to run a total of $3.25 million for the university's $10 million pension plan, said Randy Eldridge, vice president of finance.
PIMCO will manage $2 million in active domestic fixed income that had been run in a similar style by Delaware Investments, which was terminated because of performance and long-term management strategy, Mr. Eldridge said. Tom Gariepy, Delaware spokesman, would not comment.
Private Capital will run $1 million in active domestic midcap value equities, and AEW will handle $250,000 in a closed-end real estate account. Mr. Eldridge said the plan's never had a midcap equity portfolio and wanted to add a second real estate manager; Kensington already runs a $250,000 closed-end real estate account. Funding for these two managers will come from rebalancing, Mr. Eldridge said.
Advest Custom Consulting assisted.