CPP Investment Board, Toronto, hired Connor, Clark & Lunn Investment Management and UBS Global Asset Management to manage C$500 million (US$383 million) each for CPP's new active overlay program, said John Cappelletti, spokesman. Each manager will have the right to identify securities in the C$66.3 billion CPP's public equity portfolio that it believes are overvalued. These securities will be sold and the proceeds used to purchase other securities the manager believes have greater investment potential. The managers are not permitted to sell stocks short. Structuring the mandate in this fashion is a way of mitigating transaction costs while pursuing superior risk-adjusted returns.