Washburn Endowment Association, Topeka, Kan., hired Dimensional Fund Advisors to manage $5 million in active emerging market equities, Cargill Value Investment to run up to $3 million in core real estate and Western Asset Management to run $5 million in active high-yield bonds, said Julie Mazachek, president of the $100 million endowment. These are the fund's first alternatives and high-yield allocations, and funding came from rebalancing.
The endowment also hired DFA to manage $10 million in international core equities and Western Asset to manage $10 million in core fixed income, Ms. Mazachek said. The previous manager for both portfolios, Columbia Asset Management, was terminated for organizational and performance reasons on the international portfolio, Ms. Mazachek said. The endowment was satisfied with the firm's core fixed-income performance, but consultant Fund Evaluation Group recommended Western Asset.
Charles Salmans, Columbia spokesman, did not return a call seeking comment by press time.