STAMFORD, Conn. — International Paper Co. hired active international large-cap equity managers J.P. Morgan Fleming and Walter Scott to manage $150 million each in growth, and AllianceBernstein and Grantham Mayo van Otterloo to handle $150 million each in value. The $6.5 billion pension plan also hired active international small-cap equity managers AXA Rosenberg to run $80 million in core; Morgan Stanley to run $80 million in value; and Pictet, $80 million in growth.
The plan restructured its $1.2 billion international equity portfolio, shifting 80% to large-cap equities and 20% to small-caps, from a 90/10 split, said Robert Hunkeler, vice president and director of investments. Existing managers Barclays Global Investors and Wellington will continue to manage $150 million each in active international large-cap core equities. The remaining $60 million is in a State Street Global Advisors EAFE index fund for handling daily cash flows. Mr. Hunkeler declined to identify the managers that were terminated.
