Wayne State University, Detroit, hired RhumbLine, IronBridge Capital and Goldman Sachs to run a total of $63 million in domestic equities for its $155 million endowment, said David Harmon, assistant director-endowments. RhumbLine will manage $25 million in an S&P 500 index fund; IronBridge, $21 million in active domestic small cap; and Goldman, $17 million in large cap.
Partial funding for the RhumbLine portfolio came from a $19 million Barclays Global Investors S&P 500 Tobacco Free fund, which was closed in late 2003; the remainder came from rebalancing and from new gifts, Mr. Harmon said. IronBridge replaced previous active domestic small-cap managers J.&W. Seligman, which ran $14.5 million in value, and Paradigm Asset, which handled $6.5 million in growth; trustees wanted to use only one small-cap manager, he said. Goldman Sachs replaced Fayez Sarofim, which ran a similar portfolio; Mr. Harmon declined to give the reason for that change.
Ennis Knupp assisted.
