Oregon Investment Council, Tigard, hired ClearBridge Investments to manage a roughly $34 million domestic midcap core equity portfolio, replacing Columbia Wanger Asset Management, said Michael Cox, council spokesman, in an e-mail.
The manager switch was made in Oregon's $1.45 billion Common School Fund, an endowment that the council manages. The selection was made following a search assisted by consulting firm Callan Associates. The council made the selection in part because ClearBridge's strategy has historically lower standard deviation and tracking error than the incumbent. The selection moves the portfolio from a commingled fund to a separate account.
The council also runs the $70 billion Oregon Public Employees Retirement Fund, Salem
Separately, the council voted to negotiate a contract with BlackRock for operating and risk management services. It voted to hire BlackRock because the processes for its global portfolio are not sufficient enough, Mr. Cox said.