W.K. Kellogg Foundation, Battle Creek, Mich., hired Progress Investment Management to develop a manager-of-emerging-managers program, confirmed spokeswoman Joanne Krell.
The $6.8 billion foundation will create a $100 million diversified portfolio of emerging fixed-income and equity managers that will be managed by Progress.
It is the Kellogg Foundation’s first emerging managers program, Ms. Krell said in a telephone interview. She added that Atlanta Life Investment Advisors is the first manager in the program.
“We believe that expanded access to emerging managers leads to increased innovation, diversity, independence and equality in the investment industry, and ultimately will help strengthen our communities,” Kellogg Foundation CIO Joel Wittenberg said in a news release.