SCHENECTADY, N.Y. - Union College hired Sands Capital to run $17.7 million in active domestic large-cap growth equities for the college's endowment, said Marybeth Kabalian, director of financial reporting and analysis. Funding came from liquidating an internally managed $9 million Russell 1000 growth index fund; reducing an active domestic large-cap growth equity portfolio run by AllianceBernstein to $26 million; and reducing an S&P 500 index fund run by Vanguard to $18.5 million, she said.
The endowment also hired Westfield Capital to run $12.4 million in a long-only hedge fund, Ms. Kabalian said. Funding came from the AllianceBernstein large-cap growth portfolio, she said, and from terminating a $2.6 million active domestic small-cap equity portfolio run by RS Investments.
Separately, fund officials hired SEG Partners to manage $9 million in a small-cap to midcap long-biased hedge fund, Ms. Kabalian said. Funding came from terminating REIT managers John McStay and Morgan Stanley, which ran $5.8 million and $5.4 million, respectively, she said. The remainder of that money was added to a $10.3 million long-only hedge fund run by Kaplan, she said.
The changes were the result of an asset allocation study conducted by consultant Smith Barney, Ms. Kabalian said. The endowment has $263 million in assets, according to the Money Market Directory.