State of Wisconsin Investment Board, Madison, hired activist investor ValueAct Capital to manage $150 million in an activist hedge fund.
ValueAct invests in a concentrated portfolio of stocks “that are fundamentally strong but could benefit from improved business operations,” according to Vicki Hearing, public information officer of the $78.6 billion board.
Funding came from INTECH’s enhanced Russell 1000 Growth portfolio, leaving it with $2.2 billion.
No consultant was used in the search.
Board officials won’t comment on why the change was made, Ms. Hearing wrote in an e-mail.