University of Maine System, Bangor, hired Mondrian Investment Partners to run a total of $10 million in active emerging markets small-cap equities in its managed investment pool and pension fund, wrote Tracy Elliott, director of finance and controller, in an e-mail.
Mondrian will run $9 million for the managed investment pool and $1 million for the pension fund.
The hire is the result of the system's decision to split its emerging markets equity allocation between two managers; funding will come from reducing the allocation of current manager Aberdeen Asset Management, which ran $17.8 million for the managed investment pool and $2.7 million for the pension fund as of March 31.
Investment consultant NEPC conducted the invitation-only search; Lazard Asset Management was the other finalist.
The system's managed investment pool, which includes endowment assets and other post-employment benefit trust assets, had $263 million in assets, and the pension fund had $40 million in assets as of March 31.
