Ohio State University, Columbus, hired Delaware Investments and Lehman Brothers to manage $30 million each in high-yield bonds, said James Nichols, treasurer of the school's $1.9 billion endowment. The school also hired Brandywine Asset Management and JPMorgan Investment Management to manage $20 million each in international developed markets fixed income. The mandates are new and were created for diversification, Mr. Nichols said. Funding came from slight reductions to all of the fund's asset classes.
The hires are part of a broader move by the fund over the past year to diversify its portfolio, said Mr. Nichols.