Iowa Board of Regents, Urbandale, hired Arrowstreet Capital and EARNEST Partners to run $61 million total in active international equity on behalf of the University of Iowa and Iowa State University endowment funds, confirmed Patrice Sayre, chief business officer for the board.
The managers replace GMO, which managed the assets in a similar strategy. According to the agenda for the board meeting Wednesday, Wilshire Consulting conducted a shortlist search to improve performance in the asset class. State Street Global Advisors manages about $64 million in a passive strategy to round out the international equity allocation.
A spokesman for GMO declined to comment on the termination.
The University of Iowa Endowment had about $339 million in assets as of March 31; Iowa State University Endowment, $150 million.